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10-Oct-08 11:15 [Pensions]
Pensions crisis has 'gotten worse' An independent pensions adviser has stated that the pension crisis has deteriorated in recent times, with private schemes being hit.
Dr Ros Altmann said that the government's reaction to the global financial crisis is "dreadful" for pensions, with its reaction showing a lack of understanding of how to get out of the problems the sector faces.
She added that private pensions were worst hit, with many losing a large amount of value as banks are facing funding problems.
Dr Altmann continued: "That means smaller pensions and potential poverty in old age.
"With the lowest state pension in the developed world, the UK is very poorly placed to survive the coming bulge in over 60s."
She added that the Pension Protection Fund was also coming under increased pressure from the larger number of companies failing to support their defined benefit pension schemes.
Dr Altmann is notable for her spearheading of a campaign which made the government give compensation to 150,000 workers who lost final salary pension schemes after false assurances that their pensions were safe.
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