YouGov Polls Pension Views

As the Turner report on the future of UK pensions is released this week, a poll by YouGov shows that the public is - just like the government - split in its views on how to solve the pensions crisis.

YouGov surveyed 2,213 adults between 23rd and 25th November, and found widespread acceptance that there is a problem with pensions. Only 4% of people said there is not a pensions crisis, and 69% said there is a serious crisis in pension provision. 87% thought that most people are not saving enough for their retirement, and 65% that they personally are not saving enough for their old age.

When asked about various options, making or encouraging people to save more was the only solution to be deemed 'acceptable' by a majority of people (69%). Increased taxes would be accepted by 39%, while raising the retirement age would be acceptable to only 33%. Reducing pensioners' income was acceptable to only 5% of people, while increasing immigration (to redress the ageing population) was acceptable to only 13%.

YouGov also asked a more specific question on tax, and found that only 9% of people would be willing to pay a lot more in tax if they thought the money would go towards increased pensions. 39% would be willing to pay a little more, while 45% said they would not be willing to pay any more tax, even if it would increase pensions.

When asked if they would support increasing the pension age to 67 (which, at the time, was expected to be Turner's recommendation) 39% said they would be in favour, and 47% were opposed.

Asked whether employers should be compelled to contribute to a pension for their employees, 82% said they should. When asked if they would still support such a proposal if it led to employers 'either having to reduce pay levels, or cut the size of their workforce, or both', a majority (54%) still supported proposals to force employers to contribute.

YouGov also asked respondents under the age of 60 how they personally would respond to an opt-out pension scheme like that subsequently recommended by Turner. 56% of people said they would remain in the scheme. The overwhelming majority of those who said they would opt out said they would make alternative arrangements. Only 3% of people said they would opt out and not join a pension scheme.

When asked about the government's wish to achieve an all-party consensus on the pensions issues, 24% were in favour and believe it can be done, while 55% were in favour but fear it cannot be achieved.

YouGov is online at www.yougov.co.uk.

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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