Nearly three quarters (71 per cent) of UK adults believe that the state pension either will not exist or will be less generous when they retire, research from Nucleus has revealed.

The survey found that nearly a quarter (24 per cent) of people think the state pension will not exist in its current form, while a further 24 per cent think it will be a lot less generous than it is today by the time they reach state pension age (SPA).

In addition to this, 15 per cent think the state pension will be a little less generous than the current level and 8 per cent believe it will not exist at all.

In contrast, just 6 per cent of Brits thought that the state pension will be more generous than it is today, while 18 per cent were unsure as to what its future might look like.

In particular, the research found that women are more doubtful about whether the state pension will exist in years to come, as just over a quarter (26 per cent) think it will not exist in its current form, compared with 21 per cent of men, while 9 per cent believe it will be a thing of the past entirely, up from 7 per cent for men.

In addition to this, fewer women (4 per cent) think the state pension will be more generous than today, compared to 9 per cent of men.

Age differences were also identified, as the research found that those aged between 35 and 54 are most sceptical that the state pension will exist as it does now.

Indeed, according to the survey, 13 per cent of respondents aged 35 to 44 were worried about prospect of the state pension disappearing altogether, compared to 11 per cent for those aged 45 to 54, and 2 per cent for those aged 66 and over.

Despite the generational differences, Nucleus found that more than 20 per cent of each age group believe the state pension will be a lot less generous than it is today.

All age groups were also "somewhat muted" when it came to thinking the state pension will be more generous than it is today, ranging from 5 per cent to 8 per cent across all age groups surveyed.

The research also identified a broader fall in retirement confidence, as Nucleus found that adults had an overall retirement confidence score of 4.4 out of 10, down 36 per cent from the 6.9 recorded in the inaugural UK Retirement Confidence Index in 2023.

The latest survey included views from a broader range of ages, however, as the scope of the research was extended to include all of those 18 and above, whilst last year's research focused on those aged 50 and above.

This revealed a "significant gap" in confidence levels between younger ages and those aged 55+, who were the most confident with a score of 5.3.

However, Nucleus pointed out that, "perhaps surprisingly", the youngest age group (18 to 24) was the next most confident at 4.6, while those aged 25 to 54 had an average score of 3.5.

Commenting on the findings, Nucleus technical services director, Andrew Tully, said: “These findings re-affirm the importance of having a plan for retirement. State pensions are the bedrock of people’s retirement income, but they are complex and the position is constantly changing.

“Over the past 10 years we have seen the introduction of the new state pension, increases to state pension age with more to come soon, and a constant debate around the future of the triple lock.

“It’s therefore no surprise that many have little confidence the state pension will be around in its current format, or exist at all, by the time they reach state pension age. Being unable to rely on the state pension makes planning even more vital.

“However, the constant change in pension legislation doesn’t support retirement planning. That’s why we’re a driving voice in the industry in the call for an independent, long-term savings commission.

“On such a crucial topic as retirement, we need cross-party consensus on the development of proposals for pension and savings policy, including how much the state pension should be and when it should be paid over the longer term. It would bring much-needed clarity and allow more people to plan for their retirement with confidence.”

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