Thousands of former public sector workers have retired on pensions worth about £50,000 a year, twice the average UK age, a report from the Intergenerational Foundation has said.
The Times reports taxpayer liabilities for public sector pensions have increased to £45,000 a household, with government employees pension benefits outstripping private sector workers.
It added abbot 88% of public sector workers are get final salary pensions - which are more generous that defined contribution funds, compared with only 10% in the private sector, the report from the charity found.
The report said the charity claimed that government pensions amounted to a "Ponzi scheme" as new members were relied upon to pay for those in retirement.
Angus Hanton, of the IF, said: “Younger generations are facing unemployment of more than one million, having to pay through the nose for their education and have little hope of affording homes of their own, yet somehow they will be expected to find £45,000 per household to fund these unaffordable pensions.”
An added tier of asset management can of course deliver additional benefits for certain investors, writes Graham Bentley - just be sure you can justify it to the regulator and, especially, the client
The government is "in daily contact" with industry figures over the pensions dashboard as it prepares for the roll-out and its feasibility report, Guy Opperman has said.
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From 1 April 2019
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