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.
Share this..
Related stories
Mixed information regarding cheque clearance
The Banking Code Standards Board has released a damning report on the UK banking industry and cheque clearance. After carrying out a mystery shopper exercise the board revealed that more than half of UK bank staff were giving out misleading information regarding the clearance of funds transferred by cheque. The results of the survey are worse than those seen in 2008 and are causing great concerns...
Read MoreIs Standard Chartered looking to relocate its headquarters?
Banking giant Standard Chartered, which has significant operations in the Far East, is rumoured to be looking at a potential relocating of its headquarters out of the UK. As with a number of UK banking operations, the company feels that the introduction of banking taxes and "heavy" regulations on the UK arena has reduced its competitiveness in the short term. So is this a real threat from Standard...
Read MoreUK population set to grow by 10 million
It has been revealed that the UK population is set to grow by 10 million to a massive 70 million in the short term after a significant increase in immigration. When you also take into account the fact that the population is also older than ever before with a 30% increase in those of pensionable age, totalling 15.6 million people, it's easy to see potential future problems for the UK state benefits...
Read MoreGreek government bonds downgraded to junk status
Just when investors thought the Greek situation was under control it has been revealed that Moody's has downgraded Greek government bond ratings to junk bond status. The company believes that not only will the Greek authorities suffer from problems with their own economy but problems within Europe will impact upon the short term bailout package and could see the country asking for more assistance...
Read MoreMillions of pensioners missing out on substantial payments
In what is becoming one of the most alarming scandals in the UK for some time it has been revealed that literally millions of pensioners in the country are missing out on payments which they should be receiving. The complex nature of many social security applications has seen a number of pensioners struggle to comprehend what is required and many have walked away leaving their money in government...
Read More