- The Pensions Commission has issued a stark warning that an estimated 15 million people in the UK are currently under-saving for their retirement, a figure projected to rise to 19 million without decisive action.
- The commission's interim report highlights that significant groups, including women, low and middle-income earners, and the self-employed, face a "severe cliff-edge" of financial insecurity in later life.
- An urgent call has been made for a fresh "national settlement" on pensions to address the growing crisis, driven by factors such as longer retirements, slower economic growth, and declining home ownership.
- The report notes that while automatic enrolment has brought millions into workplace pensions, many are still not saving enough, and groups like the self-employed (with only 4 per cent saving) are often excluded from such schemes.
- The commission aims to deliver a final report with recommendations in early 2027, seeking to secure adequate income in later life and create a pension system fit for future decades, with concerns raised about the current level of automatic enrolment contributions.
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