• December 4, 2023
 Research reveals almost half of workers fear their pension won’t be enough to live on

Research reveals almost half of workers fear their pension won’t be enough to live on

Survey highlights growing anxiety amongst workers that their pensions won’t go far enough

A survey of 6,000 adults has found that four in 10 believe their work pension won’t see them through their retirement.

The survey by Survation for Unite has also revealed that seven out of 10 agree that “you can’t live on the state pension”, with pension poverty a growing fear. Only 31% of respondents believed that that their occupational pension scheme would be enough to live on.

These findings suggest good quality pension schemes are scarce amongst the workforce, figures which are supported by the Pension protection Fund who found that there are only 6,400 final salary workplace schemes left in the UK. In addition to this, only 1,000 are currently open for applications.

The survey also found that a majority (66%) of respondents believed that the current state pension, which is £185,20 a week, isn’t enough to live on. Only 21% believed that it was.

Sharon Graham, the general secretary of Unite, has pledged her support for workers who are campaigning for an increase in pension. She stated:

“It’s wrong that there is so much fear and uncertainty ahead of workers’ retirement because pensions are not enough to live on.

We must not allow profiteering employers or a negligent state to push our people into pension poverty. That means re-opening final salary schemes, raising the state pension and continuing to defend the triple lock.

Unite’s new research confirms that it is right for the union to battle for a better deal for pensioners. Securing a decent pension to live on is a central demand for Unite’s activists.”

Royal College of Nursing general secretary Pat Cullen commented:

“It is a sad day when the people who care for this country from cradle to grave don’t earn enough to provide for their own future.

A lifetime of service should never mean a lifetime of poverty.

With living costs soaring, this situation is only going to get worse. Some nurses are having to use food banks just to get by.

Many are leaving the profession and ultimately it’s patients who are suffering – the nursing workforce crisis means care is being left undone and is putting patients at risk.

A simple way to recruit and retain more staff is to pay them fairly. But ministers haven’t listened and we’re now having to consider strike action.”

It was announced in last week’s Autumn Statement that Chancellor of the Exchequer, Jeremy Hunt, will raise the maximum state pension by 10.1% next year, after reversing his pledge to maintain a triple lock on state pensions.

Joseph Mullane