Pensions crisis


An in-depth look at the pensions crisis currently hitting the UK, affecting pensions of both public and private sector workers.

Submitted by Steven. on October 12, 2006

What's the issue?
Pensions across both the public and private sectors are under attack, with increasingly strong measures being taken to try and reduce the amount paid to workers on retirement, and increase the amount of time spent at work before retirement is an option.

Who's affected?
Everybody. Although older workers, particularly those thrown out of work during the de-industrialisation of the country are most at risk, younger workers will be those most hurt as they grow older by regulations and changes to pension provision currently being implemented.

And how?
The means and methods of the attacks vary across the public and private sector (see below) but range from straightforward attempts to change the agreed contracts of workers to force them to accept cuts to their pensions, the time at which they can collect and the amount they have to pay in first to direct taking of money from schemes and abandonment of pension funds by companies.