DAILY EXPRESS: THE pension crisis could force millions of older workers into a “grey flight” out of the UK because they cannot afford to retire at home.
With less than half the 24 million- strong workforce saving for old age, many will be hit by a huge slump in living standards when they stop earning.
They face high inflation, soaring energy bills and falling annuity payments. Many private sector workers have been locked out of generous final salary pensions in the run-up to retirement.
But instead of facing poverty in Britain, they will abandon family and friends and move abroad to make ends meet, pension experts warned yesterday.
Steve Wilkie, retirement specialist at Responsible Equity Release, said: “We are teetering on the edge of a retirement abyss. Forget the brain drain, this is the grey drain. Britain is not a Third World country but tell that to the millions approaching retirement with little or no savings, facing the rest of their lives on a paltry state pension. Read on and comment » | Sarah O’Grady | Saturday, March 03, 2012
