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Britain Faces Retirement Crisis (26 September 2011)

Date: 26/09/2011
Duncan Lewis, Legal News Solicitors, Britain Faces Retirement Crisis

Official figures have revealed that Britain faces a retirement crisis as a result of the recession. Research has found that one in six individuals failed to pay into their pension schemes in the wake of the recession. More than a million stopped making personal pension contributions due to limited household budgets, according to the Office of National Statistics (ONS). The ONS also voiced concerns that an entire generation are unlikely to have enough money in their retirement fund due to the demise of final salary pension schemes. The figures have led to warnings that many people are reducing their savings when the requirement to prepare for retirement was increasing.

The ONS claimed that many regular savers simply ceased contributing to their personal pensions due to a lack of disposable household income. Recent research suggested that, on average, British families have seen a £350 fall in their annual income over the past three years. Lord McFall of Alcuith, the former chairman of the Commons Treasury Select Committee and current chairman of the Workplace Retirement Income Commission (WRIC), described the reduction in personal pension contributions as endemic of pension industry problems. Lord McFall claims that the issue “needs to be addressed by the Government and the regulators” and that saving for the future must be promoted. The ONS warned that major changes to the pension system, to be introduced next year, could result in insufficient incomes for pensioners.

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