2009 Year of the ‘Baby Gloomers’
So much happened with regards to pensions in 2009 it’s difficult to know where to start. In a year dominated by one financial crisis after another, headlines included:
- Reductions in the size of defined contribution pots due to falling share prices
- More companies looked to reduce their defined benefit liabilities by closing or restructuring their schemes
- High earners were hit with a reduction in the tax relief on their pension contributions
- Bank employees pensions were bailed out by Government using public money
- The gap between private and public sector pension provision became ever wider
- The UK state pension was frequently described as ‘the worst in Europe’ when it was once right up there amongst the best.
The constant stream of bad news meant that the much mentioned Baby boomers became very worried. They worried about how falls in their retirement income will affect their ability to support their elderly parents and their children. So worried are they that a new phrase emerged… ‘baby gloomers’.
But it hasn’t been all doom and gloom…
