Figures released by the Department for Work and Pensions show that on 31 March 2002 over 11.1m people have now retired and are in receipt of the State Pension. Of the 11.1m 0.9m pensioners are living abroad.
Our view:
Quite simply, as health care improves, we are living longer. There are less and less people working and more in retirement. This means that the Government are sitting on a financial time bomb that very soon there will not be enough people working and paying taxes to pay for pensioners state pensions. Expect more encouragement or indeed perhaps compulsion to take responsibility yourself for yourself at retirement and save.
Learn more about pensions in the Pensions Adviser.com.
Why not try our range of pension calculators to help you?
Would you like a FREE State Pension Forecast?