The total liabilities of the UK Defined Benefit pension schemes, now tops £1 trillion, with the deficit hitting £200 billion.
No one is more concerned than those with pensions whose schemes are being threatened with closure and questions are being asked about whether enough was done to safe guard the retirement funds of the UK population.
It seems as though the UK pension schemes are in real trouble and despite the last 10 years, no one seems to be able to fix the problem.
The finger once again has been pointed at Gordon Brown and what he was doing during his time as Chancellor of Exchequer. What we do know, is that he introduced tax on pensions scheme income. This increased the UK Government’s immediate tax income but it meant that pension schemes were now receiving a reduced vital gross income.
The Government is only now reviewing the public sector arrangements, and defined benefit schemes are once again taking the strain of a dwindling economy.
UK pension schemes are in trouble and need some TLC fast, or pensioners are going to be the ones that suffer.