kcrussell25:
albion:
truckyboy:
.When you look at other countries pensioners, they live very well, can afford a car, and trips abroad, but we have a pension system thats way below what others get..
I forget which way round it is, but Germany and France have a 6.7 and 7.6 million euro deficit on their pension plans. They face the same problems as the UK.
A cheery little report
theconversation.com/huge-pensio … ting-88420
The net effect is that the pension industries in many countries are in a bad way. According to a Citibank report from 2016, the 20 largest OECD countries alone have a US$78 trillion shortfall in funding pay-as-you-go and defined benefit public pensions’ obligations. This shortfall is far from trivial. It is equivalent to about 1.8 times the value of these countries’ collective national debt.
Do you mean million or should it be billion? A few million isn’t a big thing to countries the size of those but billions would be
All sorts of figures get bandied about because they all rely on projections (read guesses) about birth/death rates and economic activity (or lack of) but I pulled this from an article which is a couple of years old :-
“According to government sources France’s pensioner population is forecast to rise to 18 million by 2020 and 23 million in 2050. Therefore if nothing is done the existing pension deficit of €32 billion could rise to some €50 billion a year by 2020 and to €100 billion by 2050”
France, and probably Germany (?), does not have anywhere near as big a private pension sector as the UK. Whether that is good, bad or indifferent is a matter of opinion. They are all big numbers though and are becoming sizeable in relation to GDP meaning that the possibility of a government, in theory, defaulting on pension payments gets closer, especially as most of the generous schemes for their own employees are unfunded ie pensions are paid out from todays contributions topped up by taxpayer.