UK facing pensions 'nightmare' by 2050 - papers 7 Jan

Speaking before a second reading of the Pensions Bill 2007, Mr Hain said action was vital to prevent future generations of workers being left struggling to pay for an ageing population. The Bill proposes automatic enrolment from 2012 into good workplace pensions with an employer contribution of at least 3%. Warning that radical change is needed, Mr Hain said that if the challenge of under-saving was not tackled, by around 2050 "we face a nightmare". ONE OF NORTHERN Rock's largest shareholders has challenged the bank's board to a public fight over its future at a meeting of investors sche...