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Pension gap continues to grow between private and public sector

The Office for National Statistics has revealed an alarming expansion in the gap between private sector and public sector pensions which is set to continue for some time to come. It was revealed that the number of active members of private sector pension schemes has fallen by 100,000 since 2008 and now stands at 2.6 million. During the same period the number of members of public sector pension schemes has increased by 200,000 to a figure of 5.4 million.

In what has become a strong trend over the last few years, the public sector workforce has increased dramatically while the private sector workforce has suffered from the ups and downs of various recessions. It is no surprise to see that the number of those enjoying public sector pension schemes, which are funded by the taxpayer, has increased as more and more private sector pensioners continue to struggle.

The UK government has been very slow in reacting to the growing pension problem and many believe this is an issue which needs immediate attention before it is too late. We are all aware of defined benefit pension schemes disappearing in the private sector although this is not the case in the public sector, mainly because of the fact they are funded by UK taxpayers.

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