The Institute of Actuaries has issued a warning the Insurers and Pensions Companies have got to get their maths adjusted as we are living even longer than anticipated. The warning comes amid fears that there is yet more pension time bombs hidden as the cost of providing a pension escalates.
Our view
This is not just an issue for the finance industry, it is an issue for the Government and the people. Education again is key. People need to be better educated at SCHOOL level about their finances in the future. Most of us who have left the education system, we are too late to help. We refuse to save more, we like the good life and we mis-trust pensions companies, advisers and the Government. Our children are the future. Yet we are spoiling them rotten - so will it get worse? Education, Education, Education is the key.