Pensions crisis looming, experts warn
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A pension expert has compared the government's pension reforms to "rearranging the chairs on the Titanic" and warned that a catastrophe is imminent unless "radical" policy changes are implemented.
Speaking at the Tax Incentivised Savings Association's conference on the challenge of retirement savings, Dr Ros Altmann argued that pensions alone would not solve the looming crisis.She said the baby-boomer effect, which from 2010 will see a significant increase in the proportion of the population that is over 65, will require significant reforms.
Dr Altmann added: "We need a policy that looks further ahead than the short-term political horizon to create an environment for people to save towards their retirement using all available savings vehicles."
Allowing life savings to count as a linked supplement to later life income, rather than a replacement for it, would go some way towards solving the problem, Dr Altmann said.
Earlier this month a survey by Prudential revealed that many people are cutting back on their pension contributions as a way of saving money during the credit crunch.
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