Preparing for the bombshell
UK pension provision is in crisis and so retirement income responsibility must pass from the state to the individual. Sam Barrett reviews the options available to employers.
Current population projections suggest that the number of people aged 65 and over will almost double by 2055. Further, with the Department for Work and Pensions estimating that around seven million people are not saving enough for retirement, urgent action is required.
"People are living too long," says Adam Potter, head of sales for corporate pensions at Aegon Scottish Equitable. "The government can't afford to fund our pension income anymore so it's looking to individuals and their employers
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