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Pension Commission Review Launched

In 2006 the Pensions Commission recommended the roll out of pension auto-enrolment which led to 88% of eligible employees saving into a pension. New analysis of our pension savings habits, however, has revealed that there is more work to do. Forty percent of individuals are not saving enough to provide them with a comfortable pension in retirement, with the self-employed and lower earners particularly vulnerable. In addition, the gender pension gap leaves women with private pensions expecting £5,000 per year less than their male equivalents.

Perhaps most worrying of all, those retiring in 2050 are on course to receive a private pension which is 8% less than those retiring today. As a result of these findings the Government has decided to relaunch the Pension Commission. The commission’s objective is to build an understanding of the inequalities in pension savings and to make recommendations, with a view to removing the barriers to pension saving and to strengthen future pension planning options. The commission is due to report in 2027.

If you are looking for advice on pensions or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.