Government has abandoned private pension savers to predatory financial sector
nick cowen, 12 September 2011
End of defined benefit pensions a tragedy for prudent savers
Millions of pensioners will have their retirement incomes stripped of between 20% and 75% of their value, reveals a new Civitas report. You’re on Your Own, by Peter Morris and Alasdair Palmer, outlines how the collapse of defined benefit pension schemes, which guarantee savers a fixed annual retirement income, has resulted in less saving. But it permitted new anti-consumer practices to emerge amongst pension providers. The result is that, despite conscientiously saving during their working years, millions of Britons will be far worse off in retirement than they should be.
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