Millions of Britons expect their pensions to be worth less than they expected when they took the policies out. And more than eight out of ten Britons contributing to a pension, some 16.7m people, expect a shortfall in the value of their policies when they retire.

If people’s worst fears are realised, pensioners will be £159bn worse off. The headline figure sounds dramatic but reflects a growing gulf in the actual value of pension plans against the projected value when they first took them out. Continue reading →