Two years ago, Adair Turner sent out a very stark message to the UK. Not enough people were saving for their retirement and action had to be taken. This could be working for longer, taxing people more to cover the higher state pension burden, or people saving more money. Or more likely a combination of all three. This year is the hundredth anniversary of the introduction of the legislation backing the state pension. Back in 1909, the first payments were between one shilling and five shillings, and were means-tested. Those with income of more than 12 shillings a week didn't qualify. The qu...
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