Finance & Retirement
Pensions Commission Warns Millions Are Under-Saving for Retirement
An interim report has highlighted major concerns around retirement saving, especially among low earners, middle earners and the self-employed.
The Pensions Commission has published an interim report warning that many people across the UK are not saving enough for retirement.
The report estimates that 15 million people are currently under-saving for retirement, with this figure potentially rising to 19 million if no action is taken.
Key findings
- 45% of working-age adults are not saving into a pension
- Many low and middle earners rely only on minimum Automatic Enrolment contributions
- Only one in 25 wholly self-employed workers is saving for retirement
- Many private pension pots are accessed at the earliest opportunity
The Commission is examining why future retirees may be worse off than today’s pensioners and will make recommendations on how to improve retirement outcomes.
A final report is expected in early 2027, with recommendations aimed at creating a pension system that is fit for the decades ahead.
Read the Government Update