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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.
The last 12 months have proven to be a very painful time for pension funds in Ireland, according to an investment consultant service's research this week.
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In response to a worsening situation on the high street, major retailer Marks & Spencer (M&S) has announced 1,200 job cuts and big changes to the current final salary pension scheme they offer.
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The value of the hours of unpaid overtime in the UK is £26.9 billion, according to the Trades Union Congress (TUC).
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