- Monday, 2 November 2009An increasing number of elderly UK citizens could enter into
individual voluntary agreements (IVAs) as a result of a rise in pensioner poverty levels.
According to research from AXA, the UK is headed for a "pensions Dark Age", with 64 per cent of UK workers looking to rely on a state pension as a result of a decline in occupational pension adoption.
Steve Folkard, head of savings and pensions policy at AXA, said that pensioner poverty is "set to grow dramatically" over the next few years and warned future governments that they would face significant problems as a result.
He commented: "The erosion of the once sound company pensions infrastructure in the UK, which supported the retirement needs of the working population over much of the 20th century, presents a future government with a massive challenge."
The default retirement age is set to be reviewed by the government next year.
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