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Who will bail out the UK pensioners of the future?

As the UK pension market continues to crumble, with more and more final salary schemes biting the dust, there are serious concerns about future pensioners in the UK. For many years workers have had something to fall back on in the knowledge that their pension fund arrangements would deliver an easy to understand and definitive income based upon their final salary and their years of service. However, now that final salary schemes have disappeared in many sectors of the UK, although they are still very much alive in the public sector, there are serious concerns for the future.

The unfortunate reality is that more and more people in the UK will be forced to "look after themselves" as they approach retirement in years to come. Like so many European counterparts, the UK public sector pension liability continues to move higher at an alarming rate, with no government or political party willing to break the mould and upset the millions of workers in the public sector.

There is no doubt that the UK pensions sector, aside from the public services sector, is in need of a desperate overhaul with more tax incentives required - or at worst those taken away over the last decade reinstated. Many people do not understand that by taking tax from pension fund income this not only reduces the value today but it means there is less money to invest tomorrow and less potential returns into the future. If you have any concerns about your pension fund arrangements you should take professional advice as soon as possible.

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