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Major Review of Pension Saving Launched - What It Means for You
UNITED KINGDOM, JUL 21 – Almost half of working-age adults are not saving enough for retirement, with 15 million people undersaving, prompting the revived Pensions Commission to recommend reforms by 2027.
- Amid concerns over future pension poverty, Labour revived the Pensions Commission, examining why tomorrow's pensioners may be poorer than today's.
- DWP analysis suggested 15 million people were undersaving, with low-paid and minority workers particularly affected, recalling the 2006 Pensions Commission's success.
- Around half of private sector workers save only the minimum under auto-enrolment, with an 8% contribution rule, yet saving levels remain low.
- Torsten Bell, Pensions minister, said `tomorrow’s retirees risk being poorer than today’s`, and noted the Commission will report in 2027.
- Future reforms will not take effect until after 2029, despite Kate Smith advocating significant auto-enrolment contribution increases in the next parliament.
42 Articles
42 Articles
LONDON — The United Kingdom has a huge pensions problem. Nearly half of its future retirees won't have enough money to live on. But it's a politically nightmarish problem to solve. Lacking the money to increase public pensions and seemingly no political room to incentivize companies to contribute more to private plans, the government is hoping that reviving a commission dating back to Tony Blair's time to look at what went wrong and find ways to…
Save a lot, spend a little, invest a lot: The pension of 40 is the goal of the so-called frugalists. Now the first hardcore savers approach this age limit. But not everyone is in the plan.
Evening Standard
Long-term triple lock commitment ‘out of scope’ of pensions commission
Work and Pensions Secretary Liz Kendall is reviving the commission.
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