In this report I cover the UK pensions deficit and how it is a problem that few want to admit exists. I also look at the Pension Protection Fund and how inadequate it could be if the financial system comes under pressure like it did in 2008.
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I think this problem might be even bigger in most EU countries
Yes I think it is big everywhere int he so called "developed world"!
Here in our country mostly people fall in this pension problem
Excellent post.
Let us not forget Labour's pension tax raid (and others since the Seventies) by Gordon Brown's - a £10bn-a-year pensions grab from 1997.
In the late Nineties, many of these funds were in surplus – in other words they had more than enough money to meet current and future payments to retired workers.
Yes @agrostis I remember that very well. Gordon Brown was one of the worst chancellors the UK has ever had in my opinion. He saved the bullion banks from a massive short squeeze in gold by selling half the UK's gold reserves and then drove the UK's banking system to the ground in 2007/08 and we are still paying for his actions.
It's coming to America. Government is deadly.
I just hope that they don't come after self invested pensions to fund the deficits in final salary schemes. That's like asking the people who took risk with their own money and didn't lose it all to bail out people that took risk with other peoples money and lost it. We would be on the verge of communism, at least for the little person, while those in control would continue to live a privileged and unjustified existence.
i wouldn't be surprised if that did happen.
You try and tell people the whole pension system is not currently sustainable. That people are putting in a lot more than they will get back. Totally glazed over look.
“It's easier to fool people than to convince them that they have been fooled.”
― Mark Twain
This is why you should just invest the money yourself and buy bonds and shares. Don't buy shares so you can make money from price increase (this is your pension money) but buy shares you can make money from dividend and then take those dividend and keep reinvesting until you retire and you should retire with an income of more then what you put it. Bonds are also good but make sure they are low risk (again remember this is your pension money). At least 15% of your income should go for retirement.
U think there is not pension problem with people. Because UK is develope country