UK Pension Gap Worst in Europe

Leo Kolivakis's picture

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BillFreeman's picture

I think that this is beginning to be the case in more countries in western civilization.  I work in the auto repair financing industry, and I see many clients of retirement age unable to make simple repairs on their vehicles due to inadequate pensions.  With capitalism comes greed, and I believe that's what is at the core of this issue.

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cindycheng's picture

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zuhoobie's picture

Leo - what does this article assume in terms of future state pensions?  It sounds like it assumes these state benefits will continue as they are.

State benefits are generous on mainland Europe.  But, these benefits are not funded (no real assets backing the state benefits - they are just promises).  Assuming that they will continue as they are in 2050/2060 is questionable (at best). Like nearly every state pension system out there - the underlying assumption that governments can always raise taxes to meet the benefit needs of the retirees is wrong.  Especially when the workforce is shrinking. 

Fact is: our modern day retirement thinking was formed and put into place in the early 1900's.  Back then, you had 5 kids, you retired at 65 and you were dead at 70 (if you were lucky).  We live in a society where people think they can work for 35/40 years, then spend a good 25+ years in retirement. Those demographics just don't add up.  Japan is an unfolding example - lets see what happens there in the next two decades...

covert's picture

right now retirement is a low priority. focus on victory against jihad. that is the priority.

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bigking12345's picture

people think their annuties and whole life will give them livetime income are in for a big wakeup.

Sudden Debt's picture

WE NEED A NEW WORLD WAR TO DECREASE THE SURPLUS POPULATION!!!!

KILL THE ENGLISH!!!

Dismal Scientist's picture

You are beyond retarded. Indeed, you may have taken 'stupid' into a whole new category ;-)

I realise you were joking, since noone is that terminally dumb. I wouldn't write the English off just yet. Since you hail from Belgium, I believe, you may need us to help you out like we did in the 1940's...

 

 

Species8472's picture

Is it possible to save for retirement. I mean, can a society as a whole, save for retirement. Under what conditions. Has anyone really looked into this. What if everyone saved, how much to save, what would the effect on asset prices be, what happens during draw down. Is it possible for a society to save for retirement?

LowProfile's picture

Sure you can save for retirement.

...Just be very careful what you choose to use to save for retirement in!

RockyRacoon's picture

People need to think about continuing to work part-time.

Same here.  Does that mean that labor costs are going down? Does that mean that unemployment rates will rise?  Does that mean we are screwed?  Well, I reckon so.

Internet Tough Guy's picture

UK is toast, forget pensions, they have to find a way to survive as a nation.

OldTrooper's picture

The last few paragraphs are the most interesting, Leo. 

ZackAttack's picture

So, what public policies have European nations enacted in the last 40 years that would encourage savings rather than consumption?

Quincy's picture

Great advertising by Aviva ... get people to 'save' more by making greater monthly contributions into their Aviva retirement fund = more in commissions and perpetuate the ponzi.

Jake Lamotta's picture

Our governments are merely puppets and the "elite" are running the show behind the scenes by pulling the strings.  Civil unrest is coming and even the old folks will join in!