Pensions warning: Oil price crash and ‘cataclysmic’ market chaos to hit retirees hard
BRITISH pensions are set to suffer huge hits in the months ahead, as oil prices are expected to crash further to create market carnage, experts have warned.
By LANA CLEMENTS
Express.co.uk
Tue, Jan 12, 2016
The price of oil could reach as low as $10 a barrel, banking giant Standard Chartered today, as stalwart BP confirmed it was axing another 4,000 jobs off the back of sinking profits.
At the same time, taxpayer-backed RBS told clients 2016 is set to “cataclysmic” financial year amid the oil crash, and told traders to “sell everything” in reference to stocks and shares.
It means that Britain’s top stock market, which has holds the pension savings of millions and has already suffered a disastrous start to the year, could be on course for yet more losses.
The FTSE 100 is heavily dominated by oil and mining commodity companies, whose values are plunging thanks to the double hit of low oil prices and China’s slowing economy.
Fears over the two factors led the bluechip index to shed billions of pounds in value last week, in what was the market’s worse start to a year this century.
The losses are terrible news for people hoping to draw cash from their pension savings now or in the near future.
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