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Today’s workers are at a greater risk of poverty in old age than their parents, experts warned, as the UK looks to revive a government body to tackle the crisis.
People looking to retire in 2050 are on course to receive ￡800 per year less than current pensioners, according to Age UK.
The Department for Work and Pensions (DWP) will resurrect the Pensions Commission, which last met in 2006, to “tackle the barriers that stop too many from saving in the first place”.
At least 45 per cent of working-age adults are putting nothing into their pensions, work and pensions secretary Liz Kendall said.
The previous commission recommended automatically enrolling people in workplace pensions, which has seen the number of eligible employees saving rise from 55 per cent in 2012 to 88 per cent.
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At least 45 per cent of working-age adults are putting nothing into their pensions, work and pensions secretary Liz Kendall said ( PA Wire )
DWP analysis suggested 15 million people were undersaving for retirement, with the self-employed, lower paid and some ethnic minorities particularly affected.
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Around three million self-employed people are said to be saving nothing for their retirement, while only a quarter of people on low pay in the private sector, and the same proportion from Pakistani or Bangladeshi backgrounds, are saving.
Women face a significant gender pensions gap, with those approaching retirement in line to receive barely half the income that men can expect.
Pensions minister Torsten Bell said: “The original Pensions Commission helped get pension saving up and pensioner poverty down.
“But if we carry on as we are, tomorrow’s retirees risk being poorer than today’s. So we are reviving the Pensions Commission to finish the job and give today’s workers secure retirements to look forward to.”
The commission will be led by Baroness Jeannie Drake, a member of the previous commission, and report in 2027 with proposals that stretch beyond the next election.
Age UK’s Caroline Abrahams said the commission needed to address the state pension, which provides the bulk of retirement income for most pensioners.
She said: “If we’re to avoid future generations of pensioners experiencing financial hardship, we need reforms that enable more people to build a decent standard of living, and we need them sooner rather than later to maximise the numbers who can be helped.”
Ministers hope the Pensions Commission will build a consensus around changes, as its predecessor did, working with businesses and trade unions.