Nearly half (49 per cent) of Brits say they are worried about their pension and retirement income due to recent political instability, a survey from the Get Britain Pension Ready campaign has revealed.

The research suggested that, with a number of pension updates "looming" following the recent Spring Budget, there has been growing concern that major changes could potentially overwhelm consumers who are already struggling to understand retirement savings.

Indeed, the research found that 37 per cent of people are filled with fear and dread at the thought of planning for their retirement.

Follow-up research into proposed changes from the Budget also found that 61 per cent of people had not heard of the pot for life reform.

In addition to this, 52 per cent were confused by the term triple lock, and more than six in 10 (63 per cent) could not correctly identify the three factors considered in the triple lock, "despite this election’s campaigns being fought on it".

The research suggested that the way political parties choose to communicate pending state reform could have ‘major implications’ moving forward, as the campaign argued that people are looking for clarity when planning for retirement.

It also warned that further changes to the state pension format could prove detrimental for savers’ understanding and could cause another level of fear and confusion to people across the country.

This builds on previous research from the campaign, which found that many people already have a limited knowledge of those products beyond the basic state pension, with 57 per cent of savers agreeing that that planning for retirement feels like navigating a ‘complex minefield’.

In addition to this, it found that 33 per cent of people do not feel confident about understanding the financial options available to them.

Gender differences were also highlighted, as the research found that women are almost twice as likely (44 per cent) to lack confidence in their understanding of their financial options than men (24 per cent).

And, given the limited public education on this matter, 63 per cent of people said that they wish there was more clarity and greater access to information available to them on pensions and retirement planning in general.

Commenting on the findings, Annuity Ready commercial director, Sarah Lloyd, said: “Pension reform has been in the spotlight over the past few months, which is no surprise given the implications it has for people’s livelihoods.

“It’s worrying that so many people feel confused and fearful of pensions and planning for retirement.

“The changes that are due to be decided by the next election will impact people across the country and the uncertainty surrounding these decisions is only creating greater worry for them.

“It is our collective responsibility to make sure the general public understands the terminology and policies being proposed, as these will ultimately impact their income and quality of life in retirement.”

Adding to this, Independent Age head of policy and influencing, Morgan Vine, said: “Everyone deserves the security of knowing they can have their essential needs met in retirement, and while many people are saving into private pensions, it’s vital that there is a strong foundation in the form of the state pension and the social security system.”

“Currently, one in six of older people live in poverty and this increases to one in five for those approaching state pension age. These are huge and unacceptable numbers.

“The pensions system is incredibly complex. Ensuring people feel as informed and supported as possible is vital because not everyone is financially comfortable in later life, and many don’t have large pension pots.”

---