Work longer and save more for your pension
Amid a growing debate as to whether the UK economy is back in recovery mode or still sluggish, many people have missed the growing concern regarding pension funds. A number of actuaries and pension advisers have come out to confirm that future pension arrangements will require a significant increase in funding with many people forced to work beyond their traditional retirement age.
We have also seen a forecast for the potential deficit in local government and UK government pension schemes which currently stands at £80 billion. This is a figure which the UK taxpayer will be expected to fund in due course to the detriment of personal pensions and non-public service corporate pension schemes. The rise and fall of the FTSE 100 has also impacted upon a number of blue-chip pension schemes and pension funds with many having shut the door for new entrants to their final salary schemes.
The UK pension industry has changed significantly over the last decade due to a number of taxation issues, the ever rising cost of living, the recent Credit Crunch and connected demise of investment markets. Ultimately many people will not be able to afford their own personal pension in the future which will in due course place more pressure on the state pension.
Share this..
Related stories
When finance became a matter of life and death
While the financial markets continue their turmoil this week saw a terrible finale to what has been a terrible week when it was reported that a City investment manager committed suicide in the aftermath of the volatile markets and increased criticism of the City and practices which have been around for many years. Even though it would be wrong to link the suicide of Kirk Stephenson, 47, the chief...
Read MoreWillie Walsh declares war on the unions
British Airways chief executive Willie Walsh has today declared war on the Unite union confirming that he will "not let" the union drag the company down. In what is becoming an ever more bitter war of words the gap between the Unite union and the British Airways management has never been wider than today after talks earlier this week failed to clear the air. While British Airways is standing fi...
Read MoreVirgin Money in rumoured bank expansion
Richard Branson is rumoured to be on the lookout for "a small UK bank" which he can bring into his Virgin Money operation and expand his banking services. The company has confirmed it is exploring "a number of strategic options" although the strongest rumours in the market currently relate to Virgin Money acquiring the "good bank" of Northern Rock. Those who have followed the story will be well...
Read MoreBritish Airways posts record loss as concerns grow
British Airways has today posted a loss of £531 million which is 32% up on the loss last year and the biggest 12 month deficit in the history of the company. It would appear that a general economic downturn, the worst we have seen for over 60 years, together with ongoing strike action from the UK unions has come together to create a nightmare scenario. While the company is cautiously optimisti...
Read MoreNS&I forced to pull saving bonds from the market
The National Savings and Investments (NS&I) operation has today been forced to pull a 3.95% one-year savings bond due to a raft of complaints from UK banks and building societies. The company has also been forced to pull a 4.25% two-year savings bond which was only released on 26 October with rivals citing an unfair advantage for the government backed financial institution. This is not the firs...
Read More