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Is there a pensions crisis?

Longer retirements, falling markets and closing company schemes means that private savings will have to fill the gap. Is means testing a problem?

By David Miles   December 2002

Many people think there is a pensions crisis in Britain. There is a widespread perception that our average pensions are low, that poverty amongst the 11m pensioners is high, and that all this will get worse because the population is ageing and pensions are becoming ever less affordable. Fortunately, much of this is wrong. Some of it is so wrong as to be laughable-the whole notion of some sort of crisis stemming from an ageing population is spectacularly wide of the mark and some of the “solutions” to the problem positively dangerous. None the less, many of the concerns reflect…

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