According to recent reports, the financial crisis has well and truly spread to the pensions sector, with billions of pounds wiped off the worth of company pension schemes .
Employees have watched as a massive £157 billion has been shaved from the value of pension schemes . Many consumers are not facing the prospect of working for longer to be able to retire in security.
An Aon survey focused on how the credit crunch has impacted on defined-contribution pension schemes as opposed to final-salary pension schemes . Helen Dowsey of Aon was reported as commenting: "It may appear a double blow to workers that not only are they facing more of a struggle to make ends meet, but the economic turmoil is also seemingly eating into the money they have been putting aside for retirement . However, most workers will have the fortune of time on their side as their retirement will be many years away, enough time to weather the current storm."
Pension value plummets
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