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Wide support for graduated pensions

More than half of people would back the introduction of a 'graduated' state pension in the UK, according to new survey results.

Of those polled in the International Longevity Centre's study, 55 per cent of people said they would support the idea of such a scheme.

The initiative would give consumers the chance to receive part of their pension before their formal retirement date. This would support them as they scaled down their number of working hours.

The think-tank indicates that such a scheme could help people to remain in work for longer periods. It is likely that those opting to take advantage of the scheme would receive lower pension payments during their retirement.

The report stated: "There is strong support for graduated state pensions, and therefore the Government should explore the possibility that it will lead to longer working lives.

"It may be possible to limit the graduated state pension to individuals in certain circumstances, that is, those in danger of leaving the labour market entirely."

Copyright © Press Association 2011