the Government recently proposed that single-tier-flat-rate state pension
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The majority of Brits believe that they would not be able to retire on the £140 a week that will form the state pension, reveals a new study
These results come after the Government recently proposed that single-tier-flat-rate state pension of £140 per week could be introduced from 2015.
However, the results, from a YouGov study for long term savings and investment firm Standard Life, found that 63 per cent of those polled thought that £140 per week was not enough.
John Lawson, head of pensions policy at Standard Life, said, ‘This [the £140 per week] makes it clear and easy for people to understand what they will receive from the Government as a pension. However, people clearly recognise that £140 a week will not likely be enough to live on in retirement.’
Lawson added, ‘We need to get more people to save more, This means encouraging people to take ownership of their financial futures by providing access to the right level of information, financial advice and products at the appropriate times.’
By Lauren King
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