Debt management advice set to be in demand as pensions may be reduced
Debt management advice set to be in demand as pensions may be reduced
Friday 7th August 2009
The government's own committee on pensions recently reported that as many as 1.1 million over-65s are living in poverty across the UK.
Now, the head of Axa UK has warned that pension providers have been 'too generous' in the past and that new European rules could mean that benefits are cut over the coming years.
Under the new rules set to be introduced by the European Union in 2012, UK annuities providers may be called upon to raise capital and reduce payouts to UK pensioners, the company's chief executive Nicolas Moreau told the Financial Times.
"People will get less return for their pensions, but they have had too much of the profits because it is such a competitive market," he warned.
Should this be the case, many more pensioners will likely fall behind on their financial commitments and could look into debt management solutions.
According to the Commons Work and Pensions Committee, even now, millions of pensioners are struggling to "live in dignity".
Its chairman Terry Rooney suggested that, for now at least, many are best off seeking private financial advice rather than relying on the government.
"The Government has done a lot to help pensioners, but there is a lot still to do. The Government has committed to eradicating child poverty, now they need to commit to eradicating pensioner poverty," he said.
News article brought to you by Debt1 – UK debt management specialists.
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