The state pension divide has grown to £2,700 a year, with older pensioners facing an income gap between old and new systems. Millions of pensioners have 'unrealistic' retirement dreams due to lack of savings. Pension savers in the UK are warned of a 'national crisis' as £50 billion is at risk of being lost. George Osborne's actions ten years ago disrupted the British private pension system, affecting people today. Means-testing the state pension is deemed complex and costly. People in their 50s are spending their pension pots on non-essential items, potentially impacting their future financial security.
People in their 50s are spending their pension pots on new kitchens, holidays and paying off their debts. That means they can't use the money to support themselves in later life. Ten years on, is it time to revisit pension freedoms?
"Defined pension decumulation" is hardly a phrase to get politicians or voters excited. But sooner or later, MPs will need to revisit pension freedoms and a system that leaves voters making near-impossible financial decisions alone. https://t.co/qlmF0IDTNq
The “nuclear option” of means-testing the state pension would be complex and costly, experts told @theipaper, after the suggestion was made by a former Bank of England economist 🔎 @CallumCMason reports https://t.co/PUiT7S2rKM
Pension savers warned of 'national crisis' as 'eye-watering' £50billion at risk of being lost in UK https://t.co/Ywqj8Nx2lp
Ten years ago, George Osborne blew up the British private pension system. Because pensions are boring and complicated, people didn’t really notice. But the shrapnel from the blast continues to ricochet today and is starting to hit. ✍️ James Kirkup https://t.co/6GurtPRQPc
Blow to millions of pensioners with ‘unrealistic’ retirement dreams due to lack of savings https://t.co/nfysciwBYW #pension #savings
How the state pension divide grew to £2,700 a year There's an income gap between those on the old and new systems and many older pensioners face falling further and further behind, says @AlihussainST ⬇️ https://t.co/Md0l3GPEm6