State to become minority supplier of pension income

The Pru-Datamonitor Pensioner Pound Report states at the moment 51p in the average pensioner pound comes from State benefits, but it forecasts by 2013-14, that figure will have fallen to just 44p in every pound, meaning the responsibility for funding retirement will pass to the individual. This is in stark contrast to the late 1970s when, according to the report, the State accounted for nearly two-thirds of pensioner income. To cover this shortfall from the State the report claims alternative sources of retirement income will grow, with people increasingly looking at a retirement plan, ra...