Britain's pensioners 'may face difficulties'

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Britain's pensioners 'may face difficulties'

The future of Britain's pension scheme could start to encounter problems, despite coming in sixth place in a report comparing the 25 European nations, Aon consultancy has warned.

Britain was found to prop up the league table in terms of state pension in relation to average wage, highlighting a disparity affecting pensioners once they retire.

Speaking to the Guardian, chief actuary at Aon Donald Duval explained that in the future he expects to see more people taking advantage of personal pensions rather than state ones and he also forecast greater expenditure by European governments on pensions as populations begin to age.

Mr Duval said: "Countries like the UK, with a tradition of strong funded pensions through corporate defined benefit schemes, will see their position coming under pressure as companies withdraw from these schemes because of their high cost and the unfavourable regulatory environment."

The report ranked Britain as third in relation to affordability and sustainability behind Estonia and Latvia, underlining the frugal pension system in the UK.

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