Pensions time bomb

A former government pensions adviser has warned that 80% of people may not have enough money to live on in their retirement.

Independent consultant Ros Altmann said the UK was in the grip of a pensions crisis and criticised the government for presiding over a system in which employee savings had been destroyed.

Her comments were made as part of an ITV1 programme, Where’s My Pension Gone?, due to be screened on Thursday.

In it, pension experts assess the state of the UK’s company pensions system and examine the effect that collapsed schemes have had on victims.

As part of the programme, Dr Altmann warns that people should be aware there is a pensions crisis.

“I would say about 80% of the country needs to be seriously worried that when they come to retire, they will simply not have enough money to live on at anything like a decent level,” she said.

“If there is one person in government who is responsible for this pensions scandal, it has to be the chancellor. Gordon Brown has been presiding over our pensions system at the treasury since 1997.”

Former government adviser warns of pensions crisis | Pensions | Guardian Unlimited Money

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