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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.

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