Pensions in the Press
Stock market falls wipe £80bn off Pensions in just four weeks
The Daily Mail has reported that in a period of just 4 weeks, private sector pension plans have slipped further into the red with an additional £80b defecit.
The alarming news may cause employers to close company pension schemes or remove some of the current benefits available to employees.
On July 7, a worker with a £100,000 pension pot could have bought an annuity – an income for life – of £6,731 a year. Today, the figure stands at £5,310 a year, a drop of £1,421, or 21 per cent.
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