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State pension should be doubled, finds research

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by David Masters
State pension should be doubled, finds research

State pensions in the UK are half of what they need to be for a comfortable retirement, research by Friends Provident has discovered.

A poll conducted by the pensions provider found that on average Brits estimate needing £832 per month to live comfortably in retirement, £439 more than the standard state pension.

Seventy-five percent of respondents believed the basic state pension is not sufficient to live on, whilst 36% said finding enough money will be a struggle during retirement.

Despite this, more than half of those surveyed said they were entirely or partly funding their retirement with the state pension.

Only one in ten said they would be prepared to invest a decent proportion of their income into a pension.

Most said they would prefer to retire later, cut down living costs during retirement, or move to live in a smaller property.

The study was carried out to mark the 100th anniversary of the first state pension being issued, which in today’s money was worth £21 per week.

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News posted: January 5, 2009

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