Personal Financial Planning - The Pensions Environment Essay

Personal Financial Planning - The bountys Environment - Essay ExampleKingdom, United States of America, Japan, Sweden, Switzerland, France, Germany, Spain, Switzerland, Hong Kong, Singapore, Australia, Italy, Canada, bleak Zealand and others etc. have enormous resources, highly sophisticated and modernized technology, technical education and know-how that have enabled them to lead a safer and secure living environment to their citizens in comparison to poor third world, African and Asian countries such as , Zimbabwe, South Africa, etc.However, at wholeness extreme, the g overnments of these developed countries are engaged in providing quality living facilities and standards that have dramatically accessiond the life expectancy rates and have resulted in a colossal increase in populations of elderly and retired personnel. On the other extreme, these governments are facing coarse problems due to these constantly increasing average age statistics that have jumped tremendously in p ast 25 years in the wake of improving environmental conditions and other factors. More specifically, this paper aims to discuss the consequence of increasing longevity that has placed severe strains on the pension system and has forced radical illuminate of pensions structures in developed economies. I will be focusing on the impact of longevity on United Kingdoms pensions structure and pensions policy planning.John H. Fitzpatrick (2009) who is a Partner and Director of Pension Corporation revealed that there are six major forces that affect the size and ownership of Longevity Risk. The premier(prenominal) factor is the fact that number of retired people will continue to grow with the passage of time because of the increase in population amid baby boom and life expectancy. This would place severe strain over the authorities that are responsible for development of pension policies and allocation of pension budgets. The problem is further modify when Economic growth in the UK creat es more jobs every year thus reducing unemployment at one stage, while on the other,