Pensions

Tonight on Wales@Work we're going to cut through the pension jargon and tell you what has changed in the world of pensions and how the recession might affect your retirement.

More than 60% of private sector workers don't have any pension provision and now that stocks have fallen even those who did have found it's worth less.

Workers are being forced to increase contributions and many companies are struggling to fund their final salary pension schemes.

Legislation which is due to come into effect in 2012, will for the first time, place a legal duty on employers to enrol most employees into a pension scheme and contribute towards their retirement. But what sort of pension will that be and will it be worth saving into?

And what about the poor old state pension? UK pensioners are among the worst off in Europe - a report out today suggested other European pensioners received from 15,000 to 25,000 euros.

Wales@Work asks if its time to overhaul our pensions. What can we do to solve these problems? And are the days of the company pension coming to an end?