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Occupational pension schemes have been a major success

Data released by the Office for National Statistics show that occupational pension schemes have significantly reduced poverty in the UK since the early 1990s. However, there were other interesting statistics issued by the Office today which include the fact that the top 20% of earners in the UK earn four times that of the bottom 20% of earners in the UK. This difference between the rich and the poor has increased dramatically over the last few years even under a Labour government.

However, while there is no doubt that the occupational pension scheme has made a significant difference to general income in retirement there is also no doubt that the real value of the state pension continues to fall. Many believe that the state pension will eventually be means tested which could result in some of the higher returns in the UK receiving nothing from the state in their later years.

In principle the idea of the rich in society assisting the poorer in society has been accepted by many people although some believe that the UK authorities have overstepped the mark in recent times. As taxes continue to rise for those on high incomes and pension payments and other benefits continue to fall it seems that the UK is dependent more and more upon successful business people, while giving relatively little back to them.

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