‘Millions in UK may face pension shock’
Financial experts warn of a pension shock in the UK, saying millions of Britons may have to work longer for a smaller state pension.
Many financial advisers expect the UK’s retirement age, already rising, to go up even further.
Only a few believe the current system will survive in its present form for the next 30 years due to mounting financial strain, a Sunday Express report said.
Now Rodney Shakespeare, professor of binary economics in London, believes pensioners are being “conned” over a “corrupt system.”
According to the latest report, if someone were to buy a private pension equal to the new flat rate £151.25-a-week state pension at retirement, it would cost at least £273,000 as a one-off payment.
This was significantly more than the £63,815 those nearing retirement have on average in their private pension.
Four in 10 financial advisers predict a move away from the current triple-lock guarantee, which says state pensions must increase annually by whichever is highest out of inflation, average earnings or a minimum 2.5 per cent.
Under new pension reforms, the single-tier, flat-rate state pension will affect those reaching state pension age from next April.
The state pension age for both men and women will reach 66 by October 2020.
It will eventually rise to 68 for both men and women, although it could go higher still.
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