Britain’s pension system is floundering

Unless reforms are made soon, the pension system will fail the next generation
||Last Updated: 01/30/2006

Britain’s current pension system needs a significant overhaul with a long-term increase in funding and a rise in the retirement age, a recent report found.

The Pensions Commission released a 460-report stating that the present state pension system, combined with private schemes, were untenable for the future.

The report stated the government needs to increase pension spending over the next 45 years to sustain the system for future generations. The commission warned the problems will worsen unless reforms start soon.