Pension's Dissertation
Pension Crises
Is the pension industry on the brink of collapse?
JOE GRACE
CONTENTS
3) Introduction
(What is the problem?)
Problems with our Pension Systems……..
4) Section One
(How has the problem arisen)?
Demographics & Ageing Population………
Lack of Contributions………
x) Section Two
(What are the options to solve it)?
Government’s Responses…
x) Section Three
(Summary and My Conclusions):
x) Bibliography
INTRODUCTION
Brief Overview
Pensions have been radically reformed since 2008 and continue to be scrutinized in the wake of Britain being on the brink of a pension’s catastrophe. Reforms have been introduced with the intention of enabling and advocating more individuals, particularly younger people, to compound a private pension income to supplement the payments they will obtain from their Basic State Pension.
Up to nine million people have no other pension provision other than the means-tested state system. This will provide these individuals with roughly £124 a week. Ros Altmann, a former pensions advisor to Tony Blair and now an independent pensions policy expert stated when commenting on the UK's pensions systems: ''We have by far the most complex pension system in the world, and under it the vast majority of us will never be able to save enough for what we would currently consider a reasonable pension. It is not a system fit for purpose.'' The State Pension is not providing for individuals and is proving unjust and discouraging the lowest paid workers in the UK from saving toward a private pension at all.
State Pension
The increasing burden of the state pension in recent years has prompted the government to have an overhaul of the current system. The Pension Commission has set out key proposals for the future to correct the state of the UK pension industry in an attempt to bring down spiraling costs.
The UK state
Is the pension industry on the brink of collapse?
JOE GRACE
CONTENTS
3) Introduction
(What is the problem?)
Problems with our Pension Systems……..
4) Section One
(How has the problem arisen)?
Demographics & Ageing Population………
Lack of Contributions………
x) Section Two
(What are the options to solve it)?
Government’s Responses…
x) Section Three
(Summary and My Conclusions):
x) Bibliography
INTRODUCTION
Brief Overview
Pensions have been radically reformed since 2008 and continue to be scrutinized in the wake of Britain being on the brink of a pension’s catastrophe. Reforms have been introduced with the intention of enabling and advocating more individuals, particularly younger people, to compound a private pension income to supplement the payments they will obtain from their Basic State Pension.
Up to nine million people have no other pension provision other than the means-tested state system. This will provide these individuals with roughly £124 a week. Ros Altmann, a former pensions advisor to Tony Blair and now an independent pensions policy expert stated when commenting on the UK's pensions systems: ''We have by far the most complex pension system in the world, and under it the vast majority of us will never be able to save enough for what we would currently consider a reasonable pension. It is not a system fit for purpose.'' The State Pension is not providing for individuals and is proving unjust and discouraging the lowest paid workers in the UK from saving toward a private pension at all.
State Pension
The increasing burden of the state pension in recent years has prompted the government to have an overhaul of the current system. The Pension Commission has set out key proposals for the future to correct the state of the UK pension industry in an attempt to bring down spiraling costs.
The UK state