The public at large seems to be in favour of changes in the pensions industry, according to the Association of British Insurer’s (ABI) report into UK savings.

The report found that while just one in four people think a higher basic state pension is a good idea – 47 per cent of people believe extra money should go to those who need it most.

The number of people who believe that it is an individual’s responsibility to provide for their own retirement has increased from 35 to 42 per cent since a similar report was carried out last year.

“These findings will confound those who argue that the public does not accept the severity of the pensions challenge or is unwilling to face the consequences,” said Joanne Segars, the ABI’s head of pensions.

“The ABI’s proposals, supported by the views of savers and non-savers alike, provide an effective alternative to higher and higher public expenditure on the one hand or compulsion on the other.”

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