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Pension warning to 15million people who will 'have to work longer'
- The Pensions Commission released an interim report warning that 15 million people are currently under-saving for retirement, with significant groups facing a severe "cliff-edge" upon retirement.
- Automatic enrolment system limitations exclude four million self-employed workers from pension coverage, while those earning below the £10,000 trigger in a job also lack automatic enrolment protection.
- Former Liberal Democrat pensions minister Sir Steve Webb criticized the "wasted decade" of policy, urging the Pensions Commission to "grasp the nettle of higher contributions" in its final report.
- Pensions Commissioner Baroness Jeannie Drake emphasized that achieving a renewed "national settlement" requires clarity of purpose to renew a social contract that "commands confidence across the country."
- Without policy intervention, the number of people under-saving could reach 19 million, forcing many to work long past their planned retirement date, the Commission projects.
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Pensions crisis deepens as millions not saving enough for retirement
Millions of people across Britain are failing to save enough for retirement, a new study has revealed.The Pensions Commission’s interim report, published on Tuesday, revealed major shortfalls in retirement savings under the current system, with lower and middle-income earners facing the greatest risk of financial insecurity later in life.Jeanie Drake, one of the three commissioners leading the review, said the scale of the problem appeared great…
·London, United Kingdom
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Coverage Details
Total News Sources17
Leaning Left3Leaning Right2Center5Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 30%
C 50%
R 20%
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