Pensions  

MPs sceptical about future of state pension

One in six MPs, 15 per cent, think the state pension will be extinct in 30 years’ time, research by YouGov has revealed

If there is a state pension, the research showed that MPs think it will be at a considerably lower level than it is now.

The research was carried out on behalf of Now: Pensions and also shows MPs think the state pension age will have risen to 70 by 2044.

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Of the 100 cross-party MPs surveyed, Conservative MPs were more pessimistic than Labour MPs overall with nearly twice as many - 13 per cent - believing that the State Pension will be non-existent or significantly lower compared to Labour MPs - 7 per cent.

Morten Nilsson, chief executive of Now: Pensions, said: “In the corridors of power there is a worrying degree of scepticism that the state pension can be maintained over the long term.

“With the future of state provision so uncertain, it’s never been more important for young savers to take control of their own pension saving and put aside as much as they can to help protect themselves against an uncertain future.

“Auto enrolment has a key role to play in plugging the savings gap but MPs agree that contributions need to rise beyond current levels to give Generation Y any chance of an adequate retirement.”