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Friday 30th May 2008
Even though there have been concerns about a pension crisis in the UK for many years it seems that those only now reaching retirement age are set to feel the full force of the situation. The recent Fidelity survey has found that the average UK pension income for those in retirement will be in the region of £215 a week – less than the minimum wage for a standard working week!
The average pensioner will see their income fall by over 50% when they leave employment and more and more older people are heading towards financial hardship. For many years they have been the forgotten sector of society, often used like pawns to win votes with one off winter heating allowances, etc. The situation is now at breaking point but there is very little hope of assistance from the Treasury where money is tight.
It seems as though more and more pensioners will be forced to rely on their family and relatives to make ends meet. This is a true reflection of the demise of the final salary pension scheme and the derisory annuity rates available at the moment. The situation is set to get worse with the spending power of the state pension having been in decline for many years. |
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