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Private pension schemes linked to the stock market have lost an average of £20,000 this year An average of £20,000 this year has been wiped off the value of every private pension linked to the stock market, it emerged today. At least £150 billion has been lost from 7.2million money purchase pension schemes, where workers pay cash into a retirement fund which is usually invested in stocks and shares. The 100,000 employees who are about to retire will be worst hit by the stock market collapse, in many cases losing a fifth of their income for life. Others face working for an extra five years to get the same pension they could have got if they retired last month. The Conservatives have warned that the country is now facing a 'huge pensions gap.' Most private sector staff are now on money purchase pensions which are far cheaper... [read full story]
