According to a report in the Telegraph, there’s a growing fear that the UK faces a social cohesion crisis in the making. As today’s youngsters grow, and discover that they are paying for the older generations lack of planning, and they discover they don’t have the pension benefits that were once available, resentment will grow. The newspaper quoted the former chairman of the National Association of Pension Funds, Alan Pickering, as saying: “We are witnessing an inter-generational pension land-grab. Some of us are insisting on extracting more from the pension system than did our parents or will our children.”
The remarks were made as Pensions Secretary, John Hutton, warns that the UK has to make a stark choice between working until we are 68, or seeing income tax rise by four percent.
Mr Hutton said: “As unpopular as it may be to talk about working longer - the simple fact is that if we aren’t prepared to increase the state pension age, we will simply pass an ever greater and frankly unsustainable burden onto our children and grandchildren.”
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