There is still much debate over whether the economy is getting itself back on track or whether we are in fact still in the midst of a darkening depression and many people are concerned about their pension funds.

In light of the concern voiced by the British public, actuaries and pension advisors have had to confirm that in order to safeguard significant personal pension funds, people will have to work beyond the standard retirement age.

There is also the potential for an increased deficit in local government and UK government pension schemes, with the current shortfall estimated at around £80billion. The figure, however big, will be expected to be funded by the tax payer at a detriment to personal pensions and non-public service pension schemes. Because the FTSE 100 has been constantly rising and falling, many blue chip company pension schemes and pension funds have shut the door to new entrants and final salary schemes.

Over the past 10 years the UK pension scene has been changing due to taxation issues, the recession, an increase in living and the demise of investment markets. Because of these factors, many people will not be able to afford their personal pensions and will therefore have no choice but to put more pressure on state pensions.