US EditionMajor Review of Pension Saving Launched - What It Means for You
UNITED KINGDOM, JUL 21 – The revived Pensions Commission will review pension adequacy and auto-enrolment as nearly 45% of working-age adults save nothing, aiming for reforms no earlier than 2029.
- Labour is bringing back the Pensions Commission, led by Baroness Jeannie Drake, to report in 2027, to address the retirement savings crisis.
- Analysis by the Department for Work and Pensions shows 15 million people are undersaving for retirement, with £800 less projected for 2050 retirees, the DWP said.
- Previous Pensions Commission’s auto-enrolment recommendation increased participation from 55% to 88%, yet nearly half of private-sector workers still contribute 8% or less of earnings.
- Shadow chancellor Sir Mel Stride accused Labour of pushing the issue “into the long grass,” while he said the review will take years to report.
- The Pensions Commission will examine the role of the state pension in retirement income but report in 2027, with reforms not effective until at least 2029.
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31 Articles
Evening Standard+2 Reposted by 2 other sources
Long-term triple lock commitment ‘out of scope’ of pensions commission
Work and Pensions Secretary Liz Kendall is reviving the commission.
·London, United Kingdom
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Coverage Details
Total News Sources31
Leaning Left9Leaning Right7Center6Last UpdatedBias Distribution41% Left
Bias Distribution
- 41% of the sources lean Left
41% Left
L 41%
C 27%
R 32%
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