Millions face pensions hardship

Wednesday 13 October 2004

More than 12 million working people are not saving enough for their retirement, a major report into pensions has found.

By The Landlord

The Pensions Commission said a mix of higher taxes, more saving and a higher average retirement age was needed to solve the UK's pensions crisis.

If taxes, savings or retirement ages were not increased, pensioners would suffer a 30% decline in relative incomes, the report said.

The Commission is due to set out specific recommendations next year.

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