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Pensions nightmare awaits millions in UK

A series of authoritative reports in UK have cast serious doubts on the potential for the UK pensions sector to deliver in the future. It was also revealed that the gap between private sector pensions and public sector pensions is larger now than it ever has been with those in final salary schemes guaranteed a set pension paid for by the taxpayer. The significant reduction in investment returns over the last couple of years has led to many pension funds falling sharply thereby reducing the pot available to take benefits.

Many people will also be surprised to learn that the UK state pension is amongst the least generous in the world and continues to fall in real terms. There are also serious concerns that the ongoing increase in tax rates will impact upon both the middle classes and the higher classes who have in the past built up substantial pension pots. Any shortfall in future pensions will be difficult to replace as the UK government is unlikely to be willing to step in and the state pension is unlikely to increase significantly in the future.

We cannot reiterate how difficult the pensions market could be over the next decade or so and the problems which may experience if advice is not taken as soon as possible.

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