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DWP Pensions Warning as Millions of Workers Risk Poverty in Retirement
COUNTY DURHAM, ENGLAND, JUL 20 – Government revives Pensions Commission to address retirement savings gaps affecting nearly 15 million undersavers, focusing on women, self-employed, and low-income workers.
- On Monday, Work and Pensions Secretary Liz Kendall will launch the revived Pensions Commission, aiming to address the nation's retirement savings shortfall.
- Nearly half of working-age adults save nothing for retirement, over 3 million self-employed miss pension contributions, and women’s private pensions are half of men’s weekly incomes.
- This is a massive threat, Scott Gallacher said, as 2050 retirees face £800 less per year and auto-enrolment has lifted participation from 55% to 88%.
- It will bring together unions, employers and independent experts, and its report is due in 2027.
- While retirees in 2050 may see only a 1% income gain, the Pensions Commission will target boosting savings among key groups and deliver its findings by 2027.
42 Articles
42 Articles
State pension alert: Labour review could lead to £64,000 retirement boost as triple lock future uncertain
Millions of workers could retire with an extra £64,000 in their pension pots under Labour’s new retirement review, according to fresh analysis. A Government-commissioned pensions commission is now examining sweeping reforms to auto-enrolment rules and experts say it could radically reshape the way Britain saves.The new commission will focus on boosting savings rates among young workers, women, the self-employed and those on lower incomes. It’s a…
Ilkley Gazette
DWP pensions warning as millions of workers risk poverty in retirement
New figures show 45% of working-age adults are putting nothing into their pensions.
LIZ KENDALL: 'There's a real risk tomorrow’s pensioners are set to be poorer than today’s' - The Mirror
Work and Pensions Secretary Liz Kendall writes for The Mirror as she launches a Pensions Commission to 'ensure we have a pension system fit for the next generation of retirees'
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