Fix My Pension – The retirement planning experts

Can the government afford to fund state pensions?

One in seven pensioners in the UK relies solely on their state pension to pay living costs with each retiree collecting up to £160 per week. But can the government afford to fund state pensions? According to the European Union, 7.4 percent of the national income of the UK will be spent on pensions in 2020. Over the last couple of years, National Insurance contributions have failed to cover the cost of pensions. In 2016 a treasury grant of £9.6bn was needed to bridge the deficit. Since its introduction in the early part of the 20th century, people claiming the allowance has gone up from half a million to thirteen million. To fund the State pension, it currently costs the … Read More…

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