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The death of retirement is looming – and the fallout will be disastrous

• jacques_chester 9y ago
  > Many skilled young people have realised that things are getting worse in the British workplace, and have decided to head for more attractive places such as Australia – which also happens to have one of the world’s best pensions systems. This is poorly phrased. Australia's pension scheme is fairly strict. Payments are adjusted for both non-pension income and assets, with low thresholds for sharp reductions. This is in part because Australia has a compulsory retirement savings scheme, the superannuation guarantee (aka "super"). These do not provide defined benefits, but do enforce a minimum amount of savings taken from income and placed into superannuation funds. Almost none of the skilled young people who the author projects moving to Australia are going to benefit from the pension. And quite frankly, I don't see "a pension in 50-something years, maybe" being as compelling to a depressed pom as "sunny weather and better food".