Britain will have to radically rethink what retirement means, amid a growing number of warning signs that millions of savers will have to work longer and retire with less income than their parents, unless the government intervenes, pension experts have warned.
Britain will have to radically rethink what retirement means, amid a growing number of warning signs that millions of savers will have to work longer and retire with less income than their parents, unless the government intervenes, pension experts have warned.
The government should lower the barriers to investment faced by the U.K.'s £3.2 trillion ($4.4 trillion) pensions sector if it is to secure additional funding for the economy, a trade body has said.
The U.K.'s financial watchdog said Thursday it is considering changes to regulation because it is worried about the threat posed by offshore risk transfer deals used by life insurers to meet surging demand from the pensions industry.
An insurer has argued that it does not have to indemnify the liquidators of the business behind an investment plan for more than £3 million ($4 million), arguing there is no evidence that the investment was a Ponzi scheme.
The government must make its proposals for large companies and financial institutions to publish strategies for how they intend to align their businesses with global climate targets "clear, concise and relevant for pension schemes," a consultancy has said.
Historical increases in the state pension age have had a disproportionate adverse effect on women in their late 50s who are not working, the Institute for Fiscal Studies has said.
The combined reserves of the 40 biggest charities in England and Wales that sponsor defined benefit retirement savings plans has dropped slightly, but many pension programs in the sector are now "closer than ever" to buyout, according to Hymans Robertson.
