Financial experts warn of a pension shock in the UK, saying millions of Britons may have to work longer for a smaller state pension.
Many financial advisers expect the UK’s retirement age, already rising, to be go up even further.
Only a few believe the current system will survive in its present form for the next 30 years due to mounting financial strain, a Sunday Express report said.
Now Rodney Shakespeare, professor of binary economics in London, believes pensioners are being “conned” over a “corrupt system.”
According to the latest report, if someone were to buy a private pension equal to the new flatrate £151.25-a-week state pension at retirement, it would cost at least £273,000 as a one-off payment.
This was significantly more than the £63,815 those nearing retirement have on average in their private pension.