News 2020

Charities warned of pensions crisis

Workers in Britain's charitable sector face "superannuation meltdown" unless they work longer and save more, the Chancellor warned today.

The Chancellor's warning came after the publication of a Government report warning that "an unprecedented financial crisis" was causing "moderately unparalleled levels of discomfort" among the offspring of former public sector workers.

The children of teachers, nurses and other workers in the former public sector, are statistically more likely to suffer from symptoms which previous Goverment-sponsored reports have tentatively linked to poverty.

The symptoms include lack of appropriate human resource training, difficulty in finding employment, over-utilisation of health vouchers and lack of disposable income.

"The sorry state of ex-public offspring indicates the consequences of failing to maximise future optionalities," the Chancellor said today.

For twenty years before the final liberation of the public sector, the Government warned workers that they would have to work longer and save more, he continued.

But despite initiatives such as the raising of the age of retirement and consistent opportunification enhancement for private pension schemes, many workers had failed to advantagise themselves.

Ironically, charity workers who have utilised the work opportunities which have been up-opened by the decline of the public sector could face exactly the same problems when they reach labour market nonviability.

In an indication of Government concern over the problem, the Chancellor warned today that workers would have to work longer and save more.