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09-Jan-08 09:10 [Pensions]
UK faces pensions challenge The UK is facing a big challenge regarding its state pensions as increased life expectancy is putting pressure on the system, according to AEGON.
The life insurance and pensions company said that people in the UK must now be taking responsibility themselves to make sure they are not left out of pocket during their retirements
Rachel Vahey, head of Pensions Development at AEGON, said: "A lot of people are going to be a lot older within the UK – a bigger percentage of the population in the UK are going to be 65 or older.
She added that she thinks a lot of people will have to face up to the fact that the state can not provide for them and they will "either have to provide for themselves or they may have to consider working for longer, or maybe a combination of both".
A quarter of adults believe that they will work beyond the age of 65, according to research by Tickbox last year.
Public sector workers will strike through into next week, unions revealed yesterday.
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Up to 40 per cent of final salary schemes in the UK are expected to close to existing members over the next decade, it has emerged.
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Over £2 billion worth of pension credits will go unclaimed this year, new research has found.
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