November 3rd 2011
Employee Pension Provision: Today and Tomorrow
Although we are currently in a 'golden period' for the level of pension income, the increase in life expectancy, the falling birth rate and the move from defined benefit (DB) to defined contribution (DC) plans are creating a new environment for retirement. These trends have the effect of raising costs (state pensions and DB plans) or reducing benefits (DC plans) or both. There is pressure on household budgets and the UK savings rate is low. Although, in terms of longevity and birth rate, the UK is better placed than certain other countries, given the nature of our pensions system, there is a probable 'crisis of expectations' between the standard of living that people aspire to and the retirement income that their pensions will generate. Unless action is taken ...
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