Europe facing pensions crisis

first_img Tags: NULL Tuesday 21 September 2010 8:36 pm whatsapp whatsapp EUROPE faces a pensions time bomb with the estimated gap between what people are saving for retirement and what they will actually need to live comfortably when they retire estimated at €1.9 trillion (£1.6 trillion), a report claims today.Europe’s annual “pensions gap” is equivalent to 19 per cent of the European Union’s (EU) GDP for this year, according to the report published by insurance giant Aviva today.At a country level the UK, France, Germany and Spain have the largest national pensions gaps. The UK’s annual pension gap was equivalent to 26 per cent of GDP, added Aviva.Aviva suggests the gap is so severe that an increase in the state retirement age of up to ten years, working beyond retirement or a substantial reduction in living standards may be inevitable.The report came as pensions minister Steve Webb warned there would be a dramatic rise in the number of pensioners in 2012, putting even greater strain on the public finances. The Department for Work and Pensions estimates 800,000 people will reach the national state pension age in 2012.The government estimates that pension spending will increase by £4bn by 2012 Europe facing pensions crisis KCS-content More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comConnecticut man dies after crashing Harley into live bearnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Share Show Comments ▼last_img

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