The research revealed widespread support for the State Pension but many said they did not think they could live on it or expected it to be worthless or non-existent by the time they retired.

Many people mistakenly believed that State Pensions are funded directly by National Insurance from a segregated pot of money rather from general taxation, as they are.

Phoenix Insights, the longevity think tank of the Phoenix Group, compiled six key retirement facts from its research to mark the 8.5% Triple Lock-based increase in the State Pension from 8 April.

The six key findings they found were: 

• Half of adults expect to work up to at least their state pension age (51%)
• Just 18% of adults say they could live on the State Pension alone in retirement
• Over one in five (22%) over-55s do not know their State Pension age
• 87% of adults believe the State Pension is there to ensure everyone has a minimum level of income in retirement
• The majority of adults (84%) believe that it an essential role of government to provide the State Pension
• Half of under 50s think that there probably won’t be a state pension by the time they retire

Patrick Thomson, head of research and policy at Phoenix Insights, said: “The State Pension matters to all of us, it is an important intergeneration social contract helping to reduce poverty among retirees, paid for from contributions of the working age population. It is the biggest single part of the social security system and has been the foundation for many people’s retirement income for over 75 years.

“However, Phoenix Insights’ research exploring public attitudes towards the state pension found that understanding of the system is very low, including around what the ‘Triple Lock’ is and when people can access their State Pension. A common misconception among the public was that National Insurance contributions are kept in a personal pot and accessed at state pension age rather than the State Pension being paid for out of general taxation.

“As an increasing proportion of the population reaches State Pension age in the coming decades, it is important that the system is trusted, sustainable, understandable and supports the financial security of retirees.”

“We know that simply raising the State Pension age doesn’t mean that people will be able to work for longer. We need proper support to help make work better for more people, and to support those unable to work to higher ages.”

Phoenix Group is one of the UK’s largest long-term savings and retirement business and has £259 billion of assets under administration. Its brands include Standard Life, SunLife, Phoenix Life and ReAssure.

• Research data was compiled from: Phoenix Group polling with Opinium, January 2024, 2,000 UK adults, Phoenix Insights (2022); Reaching a certain age: Public attitudes to the state pension; Phoenix Insights (2023), An intergenerational contract: Policy recommendations for the future of the state pension.