STORY
The Pensions Commission has warned that 15 million people in the UK are currently undersaving for retirement, with the number potentially rising to 19 million without action. Its interim report said low and middle earners, self-employed workers and women were among the groups most at risk of inadequate retirement income.
The Commission said automatic enrolment had brought millions more people into workplace pension saving, but that the system remained unfinished. It found that 45% of working-age adults were not saving into a pension at all, despite many being in work, and that only a small proportion of wholly self-employed people were saving for retirement.
Pensions Minister Torsten Bell said Britain had got back into the pension saving habit but that tomorrow’s pensioners were still on track to be poorer than today’s. The Commission will take evidence over the next year before publishing final recommendations in early 2027.