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Pensions could be 'a lot less than expected'
25 September 2008 12:48
Many people in the UK face a shortfall in their retirement income, the Pension Advisory Service (TPAS) has warned.
The Service has warned that recent stock market falls could lead to a large number of pensions being drastically reduced in value.
Earlier this month, PriceWaterHouseCoopers claimed that the total UK pension funding deficit had risen from about £20 billion to £70 billion.
Des Hamilton, technical director for TPAS, said that many people are finding that the income they are going to have for the rest of their life is going to be a lot less than what they expected.
He added that for those who find their pension is less than previously thought, it may mean prolonging a career in a part-time capacity.
Research from the Office of National Statistics had found that only 27 per cent of adults believe they are saving enough to maintain their current standard of living during retirement.
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