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Is the forthcoming pension crisis going to affect you?

If you are currently under retirement age then the chances are that the changes in the UK state pension in the future will affect you. As we covered in one of our earlier post, the Pensions Regulator has suggested that UK workers needed to continue employment into their 70s in order for the government to avoid a massive pensions funding crisis.

This is a situation which will affect every person in the UK, whether working or not, who is currently under pensionable age. However, those who have yet to make plans for their retirement, i.e. a personal pension scheme or who are not members of a company pension scheme, will be by far and away the hardest hit. This does prompt the question as to whether pensioners in the future are being robbed of their income because ultimately the vast majority have paid into the tax system and expect to receive a invested personal pension in later life.

It would be interesting to see if any court action against the government to make changes to the pension system in the UK was successful because ultimately billions upon billions of pounds is wasted elsewhere while pensioners in the future are set to suffer.

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