In this business-friendly piece, free advertising for Standard Life, there’s little mention of the main reasons why there is pensioner poverty in the UK and it’s not because they have neglected to buy a pension package privately.
Here’s the first:
By regular contributor stewartb only a few days ago:
The House of Commons Library (HoCL) has just published (9 April 2021) a briefing paper entitled: ‘Pensions: international comparisons’. It is described as “A look at how UK pensions compare with those in other countries. The note compares the UK state pension with similar systems in Europe and goes on to look more broadly at the structural differences in the sources of pensioner income across economically advanced countries.”
From the paper’s conclusions:
- the UK provides a lower level of pension than most other advanced economies relative to average earnings
- the UK devotes a smaller percentage of its GDP to state pensions and pensioner benefits than most other advanced economies
- income from occupational and personal pensions is a relatively important source of pensioner income in the UK, in contrast to many other countries where state provision (financed either through social insurance contributions or general taxation) is dominant.
Here’s another reason:
40% of pensioners don’t make claims they are entitled to. As life expectancy stalls among Scotland’s poor, you can trust the Scottish Tories to focus on the real priorities like Trident.