Britons told to face up to pensions challenge

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Britons must realise the importance of organising their pension as soon as feasibly possible, according to the Pensions Advisory Service.

Although many people may be put off by seemingly-complicated recent reforms and provisions, Malcolm McLean, chief executive of the PAS, has argued that the choice is a simple one.

With the growth of online financial advice sites, consumers are able to find out more about their pensions options.

Mr McLean believes that the time has never been more apt to sort out a future pension, as people living longer is resulting in a pensions shortfall.

"We are living longer which makes pensions more expensive," he said.

"In the future there will be only two solutions for people: put more money into their pensions, work longer or have a lower standard of life in their retirement."

He added that those who are prepared to work longer and sort out their finances can build up a decent pension.


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