The Government have a headache, in fact ANY Government of whatever shade would have a headache given the enormity of the task—how to get people saving for their retirement with a decent pension that will still be valid come their retirement date.
And therein lies the first problem—we are all living longer. The Office of National Statistics have just predicted that a third of all babies born in 2012 will live until they are 100!
PricewaterhouseCoopers reckon that children born today will eventually need to work until they are 77 before they qualify for their state pension. Hmm, and people complained when it went to 65. The reality is that SOMEONE will have to pay for all these folks living so long, and it looks as though a lot more of us will be “elderly” when we help others live longer too.
For small businesses, more concerns are also being raised about how small the takeup of the Government’s auto-enrolment scheme called NEST has been. So far with only a few months to go before Auto Enrol is manadatory NEST has only had a 4% take up… paltry. (NEST is short for the Government’s “National Employment Savings Trust”).
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Hi everyone, on a small rant today!
