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Is it time to overhaul the whole UK pension system?

As finally the UK government comes round to the fact that public-sector final salary pension schemes are no longer affordable it seems as though we are reaching a significant crossroads for the UK pension sector as a whole. The last couple of years have seen a total collapse in the number of private sector final salary pension schemes with more and more companies admitting to large liabilities, with some topping the £1 billion mark. As a consequence, there is a growing call for the UK government to tie in a total review of the UK pension system when it looks at the public sector pension arrangements.

For many people a private pension has been something to save for to top up their state pension, aside from those multimillionaires in business who have enormous pension pots to fall back on. However, annuity rates have fallen substantially over the last decade and more and more people are now realising that retirement at 60 or 65 is no longer a real option. Coupled together with the fact that the UK population is getting older, with over 1.8 million people now aged 85 or over, there will be enormous pressure on the public purse in years to come.

Perhaps now is the time to revisit the whole pension system in the UK?

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