The NAPF’s yearly autumn confidence survey shows that 48% of working adults said that, compared to other ways of saving, they are not confident in pensions. 42% said they are confident, resulting in a Pensions Confidence Index of -6%.  This is the first dip into negative confidence in the Index’s four year history. In 2010 the index was +5%, and in 2009 it was +11%.

The NAPF believes the sharp fall reflects low consumer confidence, negative perceptions about a pension's inflexibility and costs, and recent heavy stock market falls.  The survey, run by pollsters Populus, also shows that six out of ten people (58%) are not confident that their pension will give them enough money to live on in retirement. Only a third (33%) are confident.