Pension outlook could improve 'in 5 years'

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Pension outlook could improve 'in 5 years'

One of the UK's leading financial services providers has claimed that the country's pension system will start to look healthier in the next five years.

Hargreaves Lansdown, a company that specialises in investment management products, claimed that despite the ill-health of the current pensions system, the market will begin to slowly recuperate as "a lot of" the required measures necessary to a recovery are already in place.

Tom McPhail, head of pensions research at the enterprise, said: "Automatic enrolment of workers into pensions […] together with the steps that are being taken to simplify the pension system mean that in five years' time the picture [will] look considerably better."

The reassurances come as a report from the Workplace Retirement Incomes Commission published on Monday (August 1st) lambasted the current state of the private healthcare market, a situation that Mr McPhail admitted represented a culture of neglect in the industry.

People seeking a new policy might wish to use a pension calculator that can help determine how much an individual can afford in monthly contributions together with tax and percentage rates.

Click here for pensions calculatorADNFCR-323-ID-800684689-ADNFCR

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