THE UK's pensions crisis is set to get significantly worse, according to an influential panel of financial experts hosted by the Prudential.
It has highlighted three areas of particular concern: The decline in occupational pensions which pay up to two-thirds of final salary; the trend for those aged 50 to 65 cashing in their housing equity and thus eroding their potential retirement income pots; and the level of debt amongst the younger generation that is making it hard for them to make adequate retirement provision. These factors are fuelling “a potentially catastrophic income and retirement crisis”, said the panel, which has called on the Government and the financial services industry to work more closely, in order that so...
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