FOUR out of five Britons are planning to rely on the state pension when they retire, according to new research from insurer Zurich.
The company found that 83 per cent of people who are retired or expect to retire said the state pension would be important in funding their retirement, although the same amount of people said they would need more money to live an “ideal retirement”.
Just seven per cent said they thought the state pension would be enough. Of the 2,113 people surveyed, 46 per cent did not know the maximum amount a person can currently receive under the state pension each week.
Gary Shaughnessy, chief executive of Zurich UK Life, said the research showed the state pension “still forms a crucial part of the UK’s retirement plans”. However, he added: “Many people could face a worrying gap in their retirement income unless they invest more in their own private provision through the workplace.”