Britain risks severe pensioner poverty unless retirement savings reform occurs. Many will struggle financially as current saving levels are inadequate. Almost half of working-age individuals do not save for retirement at all. An independent commission, led by Jeannie Drake, will explore solutions similar to past reforms. It will consider lowering the auto-enrolment age and increasing contribution rates. Sidecar savings will be evaluated for emergency access to pension funds. The review of state pension age is underway, but the triple lock guarantee is excluded from consideration.
Britain risks a tsunami of pensioner poverty over the coming decades unless the system of saving for retirement is overhauled. Growing numbers will struggle to make ends meet in old age.
Almost half of the working age population isn't saving anything for their retirement at all. Tomorrow's pensioners will be poorer than today's due to inadequate savings.
The commission will consult with the Confederation of British Industry and the Trades Union Congress to build consensus, hoping to gain support from opposition parties.
Proposals could include lowering the age for auto-enrolment into workplace pensions and raising contribution rates, currently set at 8%. Sidecar savings could also be explored.
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