Pensions reform 'is necessary'

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Pensions reform 'is necessary'

The government must reform the pensions system in the UK, as it is currently heading for a crisis, a sector commentator has suggested.

Independent pensions expert Dr Ros Altmann highlighted the ageing population as a major contributing factor to the need for changes.

She explained that more people will be living on less money as the number of retired individuals increases, with the working population needing to be taxed more to support them.

Dr Altmann said: "We all know there is a pensions crisis and, if we do not address this, we are heading for a pensioners' crisis soon - which will damage our long-term growth potential."

In her view, the first aspect to sort out is the state pension, since people are being put off making private contributions as they could be penalised when it comes to their situation being means-tested at retirement.

The UK's coalition government manifesto stated it will aims to protect key benefits for older people, such as free bus passes and prescriptions.

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