Pensions Commission Revived to Address Retirement Poverty Concerns

The Department for Work and Pensions (DWP) is warning that nearly half of working-age adults are putting nothing into their pensions, leaving them at risk of poverty in retirement. The government has decided to resurrect the Pensions Commission to tackle the barriers preventing people from saving for retirement. Experts warn that current workers face a greater risk of poverty in retirement than their parents, with those retiring in 2050 expected to receive £800 less per year than current pensioners.

Key Takeaways:

• 45% of working-age adults are not contributing to their pensions, leaving them at risk of poverty in retirement.
• The Pensions Commission will be revived to tackle the barriers preventing people from saving for retirement.
• Current workers face a greater risk of poverty in retirement than their parents, with those retiring in 2050 expected to receive £800 less per year than current pensioners.
• The self-employed, low-paid workers, and certain ethnic minorities are particularly affected by the lack of pension savings.
• Women face a significant gender pensions gap, with those approaching retirement expected to receive barely half the income that men can expect.
• The Pensions Commission will be led by Baroness Jeannie Drake and will report in 2027 with proposals that stretch beyond the next election.
• The commission will address the state pension, which provides the bulk of retirement income for most pensioners.
• Experts warn that sources of inequality and affordability are often linked to the way the labour market works, the housing market, and societal norms.

Statistics:

• 45% of working-age adults are not contributing to their pensions.
• 15 million people are undersaving for retirement.
• 3 million self-employed people are saving nothing for their retirement.
• Only a quarter of people on low pay in the private sector and the same proportion from Pakistani or Bangladeshi backgrounds are saving.
• Women approaching retirement are expected to receive barely half the income that men can expect.
• Those retiring in 2050 are expected to receive £800 less per year than current pensioners.

Sources:

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