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'Golden era' ends

Many private sector workers will be in dire straits come retirement time, with a low level of savings an an ineffective pensions system making them unable to 'adequately exist', according to a report written by Lord McFall, former chairman of the Treasury Select Committee.

It'll make the situation now seem like a 'golden era' of pensions, with those retiring in 2020 having a 'bleak old age' to look forward to.

'A golden sunset is giving way to a bleak dawn,' said McFall. 'In a rich nation such as ours, this is scandalous,' he added. The report details a number of grievances about pensions, pointing out how the sector has been hit by the recession, the increase in debt, low interest rates and drops in income.

Its suggestions for solving the problem include establishing an independent commission on pensions and encouraging companies to workers free independent financial advice.

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