Half of the respondents to a Department for Work and Pensions (DWP) survey on pensions felt that this was the case.

However, a quarter said that they were unsure and the remaining quarter specifically disagreed with that assertion.

When questioned on who they would trust most with their pension savings, the majority of respondents said that employers and non-profit independent organisations were the most trustworthy.

The financial services industry and the government were less trusted, although a third of those polled had no opinion either way.

About a third of respondents said they would neither trust nor distrust each organisation.

Meanwhile, the Times has reported that more than a quarter of large companies are looking into selling their pension schemes.

According to the newspaper, “the number of companies that want to rid themselves of their pension liabilities is much larger than previously thought”.

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