ML-Implode News - World faces pensions crisis, warns OECD

The global pensions crisis has been laid bare by new analysis that shows people retiring today can expect half the income of those who became pensioners at the start of the millennium.
The stark findings by the Organisation for Economic Co-operation and Development (OECD) will be presented in a report this week that highlights the impact of ultra-low interest rates on global retirement incomes.
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"We've had more than half a decade of very low interest rates and that means someone who has been putting money into a savings account or into a pension fund - the value of their lifetime retirement is about half the value of someone who retired in 2000," said Catherine Mann, the OECD's chief economist.

Tom McPhail, head of pensions research at Hargreaves Lansdown, said the OECD's findings were consistent with its UK research.

"Someone that started putting money in a pension in the 1960s was investing at a time when baby boomers were entering the workforce. But the last 16 years and the financial crisis have had an extremely negative impact on asset prices."

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World faces pensions crisis, warns OECD