DON’T MESS WITH OUR PENSIONS!
More than three-quarters of those saving for their retirement want an end to pensions meddling.
They urge the Government to stop making any further reforms so they can get to grips with the already complex pension freedom changes.
People want to be able to plan for their retirement with some certainty, instead of confusion.
Research by investment firm MetLife shows one of the biggest fears is being targeted by fraudsters and losing lifetime savings, as well as running out of money too soon.
Simon Massey, Wealth Management Director at MetLife UK, said: “Pension freedom has been a qualified success delivering real change, but it needs to be improved in order to deliver on supporting savers and advisers in providing a pension system fit for the 21st century.“
Meanwhile, one in three over-45s is worried their quality of life in retirement will deteriorate if the Government chooses to reduce State Pension benefits.
UNPOPULAR
A Cost of Tomorrow report from financial planner Tilney reveals a proposed move by the Conservatives to scrap the State Pension triple lock, which guarantees a 2.5% minimum annual increase, would be an unpopular move, along with further possible increases to the State Pension age.
Both Labour and the Liberal Democrats have pledged to protect the triple-lock State Pension.
Other retirement worries include two in five concerned that the rising cost of living will erode their wealth in later years, and a third are afraid about the effect the continued low interest is having on their hard-earned savings.
The impact of Brexit is leaving one in five uneasy and a quarter are nervous that another global recession would reduce the quality of their retirement.
Andy Cowan, Head of Financial Planning at Tilney, said: “There’s no question that we’re living through a fairly turbulent time, both politically and economically, and this is stoking up a fair bit of uncertainty among people nearing retirement age.
“Uncertainty can be a thorn in the side when planning long-term financial security, so it’s far from ideal that the future of the State Pension could hang on the outcome of the General Election.”