- Tuesday, 23 March 2010Older people could be left in need of
debt management advice as a leading pensions expert has claimed that the UK pensions system is insufficient to fulfil its requirements.
The Daily Telegraph recently reported that pensioners could be £200 worse off a year despite a 2.5 per cent increase to the basic state pension.
Robin Ellison, a pensions expert and partner at Pinsent Masons, said that the effects of this could be over emphasised, but stressed the government's wider pensions failings.
"The actual effect on most people might be modest," he said of inflationary rises outstripping pension growth.
However, the expert was concerned about the state of UK pensions.
"The pension system in the UK is completely unfit for its purpose," he said. "The treasury have completely misunderstood how tax works on pensions and are virtually taxing pensions out of existence. The system is completely wrong," he added.
Higher energy, fuel and food bills, coupled with a pensions system that at least one expert regards as over-complicated and insufficient, could well leave older people in need of
debt management advice.
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