The UK Office for National Statistics has revealed shocking statistics which, by implication, takes the UK pension problem to new depths. According to the official statistics authority, over half of working Britons do not save in a private pension.
All British citizens who are working contribute to pension provision through paying National Insurance, however this is only a basic cover and without the supplementation of a private scheme Britons face poverty in their retirement years.
Due to this saving in a private scheme is considered a necessary financial investment for all; however, currently there are more people in Britain not saving than saving. In fact 56% of Britons are currently not making private contributions.
The revelation is another heavy blow for the current government, which has already been severely criticized for its handling of the national pension issue.