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Brits Have Poor Pensions
News, Monday April 14, 2003
vast majority of people in the UK are not saving enough to pay for the
sort of lifestyle they expect in retirement, it is being claimed.
newly-published Institute of Directors report blames both the Government
and individuals for the number of "under pensioned" people in
the business organisation has rejected calls from some quarters for
compulsory employer contributions.
says they would be an "additional burden" on employers and could
lead to "levelling down" with companies paying only the bare
also says it is not convinced that raising the retirement age would solve
the problem - but has called for a debate on the issue.
institute's report blames a combination of factors for the situation.
include inadequate savings, falling stock markets, and lower rates of
return based on the fact that people are living longer.
Ruth Lea, head
of the IoD's policy unit said: "There is a pensions crisis in this
country in the sense that the vast majority of people do not have enough
pension provision to fund the sort of lifestyle they would wish to lead in