Nearly half (46 per cent) of working-age Brits don't think the state pension will exist by the time they retired or aren't sure if it will, a survey from Hargreaves Lansdown has revealed, despite broader industry research showing that the vast majority view it as an ‘entitlement’.

The survey of 1500 people found that less than a fifth (17 per cent) believed the state pension would still be protected by the triple lock by the time they retired.

Among 35-54 year olds, this figure fell to just 11 per cent.

A further 22 per cent thought the state pension would still exist, but not with the triple lock, while 15 per cent thought it would be means-tested by the time they retired.

“Given the vital role the state pension still plays in most people’s retirement income, not knowing whether it will continue is a scary prospect,” said Hargreaves Lansdown head of retirement analysis, Helen Morrissey.

She suggested that this pessimism was driven by news that the state pension bill is growing due to an ageing population, with previous governments having to hike the state pension age to manage the cost.

“Speculation that the triple lock could be axed has also become a regular feature,” she added.

Despite continued public debate over the future viability of the state pension, separate research by Just Group showed that the vast majority of people who have already reached state pension age (SPA) regarded the payment as an entitlement, not a benefit.

In its poll, 94 per cent of SPA adults viewed the benefit as an entitlement, compared to just 4 per cent who saw it as a benefit.

In addition, more than half (58 per cent) believed the state pension was affordable for the country over the long term.

The research also highlighted a strong reliance on the payments.

Around one in seven (13 per cent) over-66s said that the state pension accounted for over 90 per cent of their monthly household income, while 44 per cent said that it represented more than half of their household income.

“As life expectancy rises and birth rates fall, a quarter of the UK population is projected to be aged 65 or older by 2050,” warned Just Group communications director, Stephen Lowe.

“That means the burden of funding the state pension will fall on a shrinking proportion of workers.”

Looking ahead, the government’s next review of the state pension age is due within the next 18 months.

“If ministers want to keep taxes and means-testing at bay, they may have to consider either lifting the age threshold again or moderating future increases in the payment,” Lowe suggested.

He also pointed to the Pensions and Lifetime Association (PLSA) Retirement Living Standards, which showed that a couple both receiving the full state pension could already meet the “minimum” income threshold.

However, to achieve the moderate standard, they would need to generate around £20,000 in additional combined income per year, in addition to their state pension.

Echoing this, Morrisey stressed that the long-term future of the state pension must form a central part of the government’s ongoing pensions review.

“The second phase on adequacy is due to launch very soon, and given the central role the state pension plays in helping people meet their income needs, it must be included,” she said.

“Pensions are a long-term game, and people need a degree of certainty if they are to build up a decent retirement income.”

She also emphasised that previous research into retirement adequacy found the state pension and minimum auto-enrolment contributions to be vital foundations.

“People can then save over and above these levels according to their circumstances,” she added.

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