UK retirement bill up more than £1 trillion in five years as pension crisis escalates
The UK’s pension funding crisis reached a new milestone this week as the Office for National Statistics revealed that liabilities rose to £7.6 trillion at the end of 2015.
The figure, which is the total amount promised to pay for Britons’ future retirement income, includes £5.3 trillion of pension entitlements that were the responsibility of central and local government, most of which – about £4 trillion – came from State Pension entitlements.
The remaining £2.3 trillion were private sector employee pension entitlements with £2 trillion due to final salary pensions, up from £1.4 trillion in 2010.
Read More: Independent