UK plans revived pensions commission to tackle a savings crisis https://t.co/uI48MBnhH2 https://t.co/9j0mIyi84Z
'There's a real risk tomorrow’s pensioners are set to be poorer than today’s' @leicesterliz https://t.co/0JLy4gX9bH
Millions not saving enough for retirement as pension shake-up review launched https://t.co/3I5jJ6hL7s
Britain’s Labour government is re-establishing the Pensions Commission, two decades after the original body helped introduce automatic workplace enrolment, to address growing concern that millions of workers are not putting aside enough for retirement. Work and Pensions Secretary Liz Kendall said the revived panel will examine the “strong, fair and sustainable” future of the entire pensions system and report back in 2027. The line-up includes original commissioner Jeannie Drake, former Barclays UK chair Ian Cheshire and public-policy professor Nick Pearce. Government analysis shows that about 45% of working-age adults—nearly 15 million people—are failing to contribute to a pension, while those who do often save only the minimum 8% of earnings. Forecasts suggest workers retiring in 2050 could receive 8% less private pension income than today’s retirees. The original 2002 commission, set up under Tony Blair, recommended automatic enrolment, boosting the proportion of eligible employees saving for retirement to 88% from 55% in 2012. Ministers said the new body will build on that legacy, consider policies ranging from contribution rates to the state-pension age and seek cross-party backing for reforms.