The shortfall are due to a number of issues such as Gordon Brown raid as Chancellor on private sector pensions which in 2006 was estimated to have cost funds Â£100 billion according to independent research.
Poor regulation and control over companies is another reason these funds are in deficit.
However the EU was reviewing the cross border pension issue and may in future change it's mind.
However current changes to pension regulation is reducing people's pension pots and leading to GPs retiring from the health service as it not economical for them to continue working
Further as you may be aware the UK government is currently expanding the role out of a scheme to ensure everyone is auto enrolled in to a works place pension.
Initially one of the benefits of being in such a scheme was reduction to both the employer and employee was reduced National Insurance contributions. However this benefit will stop soon.
According to the Government's own figure in 2016-17 this tax change from removing the benefit will generate Â£11 billion from employers and employees.
Probably somewhere between Â£2 to 4 million of this total coming from Shetland.
The value of the UK government unfunded pension liabilities are currently over Â£5 trillion which dwarfs the official national deficit as calculated by Government debt.
The finances of the UK are not sound and future tax are thought to be inevitable.
Edited by Who Knows, 07 April 2014 - 08:35 PM.