Are we facing pensions meltdown?

In amongst the continuous  talk about public deficit reduction, unemployment levels and repossessions, one ongoing area that no political party seems to have all the answers to is how to solve a British pension crisis that appears to be getting worse. Just this week, official figures have shown that only half of employees in the UK are now covered by pension schemes run by their employer.

HMRC statistics also showed that the amount of money paid into personal pensions has fallen by 5 per cent during the recession. All this is despite constant reminders that the state pension is insufficient to live on in retirement (in case you didn’t know, government records show that close to one in five pensioners live in poverty).

To read more on the UK pensions crisis, take a look at the latest Two Pennies Worth blog.