UK state pensions: part II

Falling birth rates and longer life expectancies mean that many OECD countries are experiencing ageing populations. For some, this is putting their pension systems under pressure and causing governments, most recently in the US, Germany and Italy, to grasp what had become known as the ‘third rail of politics’ pension reform. As with the railways, the third rail of politics is not something that is to be grasped lightly and can leave the unwary politician with burnt fingers.