Pensions warning issued to 15 million Britains check if you're affected

An estimated 15 million people across the UK are currently under-saving for retirement. The Pensions Commission issued a warning and called for a fresh national settlement to address a growing crisis in pension provision. The interim report highlights a “severe cliff-edge” for significant groups when they stop working. Women, low and middle-income earners, and the self-employed are identified as particularly vulnerable to financial insecurity in later life. Without decisive action, the number of individuals inadequately preparing for retirement could rise to 19 million. The report also warns that widespread under-saving could lead millions more to rely on state support during retirement.

"A stark warning has been issued by the Pensions Commission as an estimated 15 million people across the UK are currently under-saving for their retirement. The body has urgently called for a fresh national settlement" to address the growing crisis in pension provision. In its interim report on the state of retirement saving, the commission highlighted that significant groups face a "severe cliff-edge" when they stop working."

"Women, low and middle-income earners, and the self-employed are identified as particularly at risk of financial insecurity in later life. Without decisive action, the number of individuals inadequately preparing for retirement could escalate to 19 million, the commission warns. This widespread under-saving also risks millions more becoming reliant on state support during their retirement."

"Its interim report said: The forces reshaping our society longer retirements, slower growth, and falling home ownership demand a renewed national settlement on pensions. Without decisive action, the number of individuals inadequately preparing for retirement could esca"

Read at www.independent.co.uk