The European Union’s executive says Europeans should not retire before 70 to save cash-strapped state pension funds.
Are you old enough to remember when people used to say: “pensions are boring”? If the answer is “yes” then the good news is that you may avoid the worst of the drastic changes the government will be forced to announce soon – possibly beginning as early as the emergency budget next Tuesday.
Prudential, Britain’s biggest pension provider, said it had seen a significant increase in lump-sum payments into its pension funds, as investors tried to beat the Budget and make the most of current tax-relief regime.
Retirement prospects took a severe hit during the past few weeks, seeing a 60 year old’s projected annual retirement decrease by over £1000 since the beginning of May, according to data from Aon Consulting, the leading employee benefits and risk management firm.