The looming pensions disaster.

Today's Telegraph

http://www.telegraph.co.uk/comment/letters/9134273/A-raid-on...

Less than half the workforce is saving into a pension, so millions will end up relying on state benefits in their old age. Treating pensions like a cash cow for short-term problems will only create far bigger ones in the years ahead.

Joanne Segars
Chief Executive, National Association of Pension Funds
London EC2


This is written in the context of the possible abolition of higher rate tax relief; but the reasons are myriad including Equitable, charges, incompetent meddling by governments of all parties et alia, but the significance of this should not be underrated.  As we have the worst state pension in Europe pensioners will either have to live off other savings (unlikely) or, as noted above, go on benefits for which the bill is truly staggering already.

It could all have been so different if the idiot politicians had shown some long term wisdom, about as likely as the sun falling into the sea!