Eight in ten (83%) of UK adults would assist a authorities evaluation to see whether or not the present pension system is delivering ample retirement earnings, in keeping with a brand new report.

The vast majority of these surveyed by Phoenix Group believed it’s the authorities’s accountability to make sure individuals obtain an ample earnings in retirement.

Seven in ten (71%) of the over 3,000 UK adults surveyed agreed that the federal government must set out a plan to extend the minimal auto-enrolment pension contribution price.

When requested what an ‘ample’ earnings in retirement is, the highest response from UK adults was an earnings degree the place ‘primary wants are lined with some cash left over for non-essentials’.

Over 1 / 4 (27%) of non-retirees mentioned the minimal auto-enrolment contribution price is just too low. Of this group, half (51%) thought the minimal contribution ought to improve to no less than 12% and a fifth (20%) thought it ought to improve to no less than 15%.

Gail Izat, Mmnaging director for office pensions at Customary Life (a part of Phoenix Group), mentioned extra must be completed to assist individuals safe a good way of life in retirement, and elevating minimal contributions is “the one strongest mechanism” accessible.

She mentioned: “Whereas it’s vital that we transfer when the time’s proper for each savers and employers, extended inaction dangers continued under-saving and the UK sleepwalking right into a retirement financial savings disaster.

“It’s clear that individuals assist motion on elevating minimal contributions if the present price isn’t ample, and we urge the following authorities to place a evaluation in place.”

Phoenix Group surveyed 3,014 UK adults in February.