Experts warn of pension crisis

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Experts warn of pension crisis

Pension experts have warned that a crisis of titanic proportions could be looming, if nothing is done to reform the government's pension policy.

Speaking at the Tax Incentivised Savings Association's conference on the challenge of retirement savings, Dr Ros Altmann said that the government's reforms were about as much use as "rearranging the chairs on the Titanic" and called for radical policy changes to be made.

The baby-boomer affect, which will see the proportion of the population over the age of 65 grow dramatically from 2010, could put an increasing strain on the current pension system.

Dr Altmann said: "Indeed as currently designed, initiatives like Personal Accounts could make pensions provision worse by levelling down employers' contributions to the minimum three per cent level for example."

Earlier this month pension provider AXA cautioned people not to stop paying their pension contributions during the credit crunch, because it could have a significant impact on their post-retirement standard of living.

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