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News that the usually lucrative month of October has seen the public purse pushed further into debt for the first time in 14 years has sparked serious criticism of Gordon Brown's recent policy....
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Friday 5th September 2008
The pensions sector is heading for a "car crash" - with an income of just £1,380 a year currently being derived from the average pot.
Independent Financial Advisor (IFA) Hargreaves Lansdown made the finding in new analysis released yesterday, which also showed that the number of people paying in to plans had dropped from eight million to seven million over the past year.
This is thought to be because of the credit crunch and recent rises in inflation - which have put the squeeze on people's personal finances.
Tom McPhail at Hargreaves Lansdown commented: "A minority of private investors are funding their own pension adequately, very often with the help of their employer.
"For millions of people though, the UK's retirement provision is beginning to resemble a car crash in slow motion."
The IFA also found in its research that, on average, savers need to double their pensions contributions, in order to enjoy a comfortable retirement.
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