Govt risked pensions on stock market bet - Altmann

In a damning report published by MetLife today, Altmann says the Government took a 'bet on equities', in order to reduce state provision. The report, Planning for Retirement: You're on Your Own, found almost a third of those nearing retirement are unhappy with their pension and feel they wasted their money making investments. Over the past decade, stock market returns have averaged at just 1.2%, compared with 16.1% in the previous ten years, meaning many people now face an impoverished old age, she says. The combination of poor long-term returns and the credit crunch means just 9% ...