Have you made sufficient pension provisions for the future?
As money becomes ever tighter in the UK marketplace it is still vital for consumers to look further ahead and ensure they have sufficient pension provisions for the future. Many of those who have moved employers in the past and have a number of pension scheme "pots" will probably be aware of a growing trend which has seen many pension providers offer incentivised terms to transfer people out of their schemes and reduce their liabilities for the future.
Any such situation needs to be considered with great care and professional advice should be taken at the earliest opportunity to consider the options and your particular situation. Many people believe they are too "young" to consider pension provisions but it is surprising how quickly time goes by and unless you have personal pension provisions for the future you are likely to see a drop in your standard of living.
It is no surprise that the UK National pension has been falling in real terms for many years and with an ageing population there are fears of a serious funding crisis in the years ahead. Those who depend upon the state to fund them in later life may well be disappointed with the social services bill increasing substantially year-on-year. Britain is not alone in the pensions crisis with a number of European counterparts in an even worse situation.
Share this..
Related stories
Is obesity really costing the UK economy billions of pounds a year?
Junk food and convenience foods are coming under serious attack from many different parties as the obesity crisis in the UK continues to develop. While many may not realise, the obesity crisis costs the UK billions of pounds a year not least through the increased cost to the NHS.
Medical considerations as well as the ever increasing cost to the UK economy are behind a new move by th...
Global pension schemes fall in value by £3.8 trillion
Respected consultancy and actuaries Watson Wyatt has today revealed figures suggesting that global pension arrangements have fallen in value by some £3.8 trillion over the last year. While the UK sector has had a very difficult time to say the least it would appear that the worldwide sector has performed considerably worse and there are serious concerns about the ongoing gap in pension liabilitie...
Read MoreStephen Hester complains about recruiting in the financial sector
Stephen Hester, the government appointed chief executive of Royal Bank of Scotland, has today broke ranks from the government suggesting that his "single greatest business problem" at Royal Bank of Scotland is recruitment. He believes that the UK government's attack on the UK banking bonus culture together with the overall demonisation of the sector has impacted upon the number of people looking t...
Read MoreUK government set to turn on vets and lawyers
The UK tax authorities recently announced a tough review of doctors who are self-employed within the UK. However, the authorities have also announced a crackdown on vets and lawyers who should be paying UK tax and may have other sources of income which have yet to be declared. In exchange for reducing potential penalties by 90% the authorities have given those in these three professions the chance...
Read MoreRoyal Bank of Scotland considering covered bonds
Royal Bank of Scotland, which is 84% owned by the UK taxpayer, has apparently been sounding out the UK debt market about a potential issue of covered bonds. These are effectively debt instruments which are covered by income from a specific asset which is ring fenced in the event that the bank was to collapse, thereby protecting the assets which are "covering" the bonds in question. These instrumen...
Read More