Latest News and Events

Undersaving for Retirement

Fifteen million people in the UK are not saving enough to provide them with the funds they will need in retirement. That’s according to an interim report released by the Pensions Commission which also reveals that 45% of all working age adults, some nine million of whom are in work, are not saving for a pension at all.

The Pensions Commission was set up in 2025 to review why future retirees look to be worse off than those retiring now and to make recommendations to increase pension savings to compensate for this lack of future income. Its interim report also reveals that just 4% of self-employed workers are saving for retirement. Interestingly the findings also concluded that where employers did make pension contributions above the statutory minimum these additional payments are largely benefitting higher earners.

The Pensions Commission will now look at how systems and attitudes can be changed to reverse the trend before issuing a final 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