‘Government must act to avoid retirement crisis’

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The story "‘Government must act to avoid retirement crisis’" was covered 14 hours ago by Financial Times, a news publisher based in United States.

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Financial Times 14h ago

‘Government must act to avoid retirement crisis’ - Financial Times

Quick Summary:

In addition, there are plans to provide employers with more options to offload their defined benefit schemes to help protect members if their employer, which funds the schemes, is weak.

He said there is “consensus” that contributions need to be raised to “stave off a future retirement crisis”, but cautioned that ministers will have to be careful not to raise them too much otherwise workers might pull out of the pension scheme.

Kirsty Anderson, retirement specialist at wealth manager Quilter, said choosing how to withdraw from a pension — known as decumulation — “can be treacherous, particularly without expert help, and savers can easily see their retirement pots run dry before they pass away”.