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EU pension timebomb starts ticking

As the UK government gets set to tackle the UK public sector pension deficit, with rumours that employees will be asked to contribute more in the future, there is growing concern about a similar situation in the European Union. Estimates with regards to Europe suggest that the ratio of pensioners to workers in Europe could double in the next 50 years which would place massive pressure upon state pension funds around Europe.

Despite the fact that the European Union does not appear ready to tackle its pension situation there are now calls for this strategy to be reviewed. The obvious option would be to increase the age of retirement, with a suggestion that it should rise to 67 years by 2040 and 70 years by 2060, although the European Commission appears to be dragging its heels. Over the last couple of years there has been a massive increase in the financial liabilities of the EU, something which many member states are becoming more concerned about.

The UK government has been leading the way with regards to pension fund changes in the public sector and indeed George Osborne's budget cuts program has received a very warm reception from his EU counterparts.

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