Latest Pension News and Trends – Particularly affect UK savers and employees
The following sentiment is unfortunately widespread amongst the whole of Europe. Once safe pensions are being cut and eroded without notice. Retirement age is becoming later and later. More and more companies are being forced to come to terms with fact that they can no longer full fill their promises. State or government pensions that used to provide a basic standard of living. No longer.
There is only one solution and that is to take personal action.
Total collapse of corporate pension schemes is fortunately quite rare. One if the largest and most remembered was with Kodak, however the concern is that it’s going to be happening more and more. Complete failure is of course the worst case, more often companies are cutting back on their terms and certainly excluding new staff from the most attractive pension schemes. See the link to the Nestle pension article which has effectively slashed its scheme benefits by 40% with immediate consequences for thousands of employees.