Will the state pension still be available when you retire?
The last few years has seen some serious talk about the long term demise of the UK state pension, an income which has been falling in real terms for some time now. There has been talk that all EU members will be forced to bailout EU partner pension plans some of which, like the Italian state scheme, are literally dead on their feet and billions of pounds short of funding. The sad fact is that the younger you are in the UK today the less chance of receive a worthwhile pension in your old age, even if you keep your contributions up to date.
We have seen a major move by the authorities over the last decade to push more and more people to private pension but the death of the final salary scheme has caused great concern. Unless you work for the government or local authorities, where tax payer backed final salary schemes are still the norm, you will need to top up any work scheme with your own funding plan.
While you would assume it was not wrong to expect the state to provide a pension after you have contributed for all of your working life, many people are going to be in for a real shock!
Share this..
Related stories
Quantitative easing or further base rate reductions?
The Bank of England has today given the strongest indication that UK base rates could fall to 0% in the very short term. With next month's meeting pencilled in by many as the perfect opportunity to drastically reduce UK base rates there is a feeling that quantitative easing could also be brought into play.
The Bank of England has already requested permission to "print money", which...
Should political parties run the UK economy?
As the UK economy continues to struggle along, with many concerned about a double-digit recession in the short to medium term, perhaps it is time to ask the question as to whether political parties are actually qualified to run the UK economy? When you look at the coalition party and the number of successful business people, billionaires and others well connected in the business arena that have...
Read MoreDoes Darling Trust The Bank Of England?
The news that Alistair Darling is in the process of putting together a panel of City insiders to ‘oversee and assist’ the Bank of England in the face of the ongoing financial crisis has sent shockwaves through the City and the Bank of England. After putting the independence of the Bank of England at the forefront of the political agenda some 10 ears ago, its seems that we are seeing y...
Read MoreHas the UK government gone far enough with credit card protection?
Yesterday's announcement that the UK government is set to issue a raft of proposals for the UK credit card industry to effectively protect consumers has been well received across the board. However, there is growing concern that the proposals are nothing but "lip service" at this moment in time as we approach the next general election. One of the main proposals is to give consumers the power t...
Read MoreShould Gordon Brown be spending more time at home?
As the UK economy continues to move from one disaster to another Gordon Brown is facing something of a backlash as taxpayers see him more and more on the continent fighting the fight for other countries and economies while the UK continue to suffer. While ultimately a recovery in the US and Europe would obviously assist the UK economy there are concerns that is spending more time increasing his in...
Read More