Millions of people are under-saving for retirement – and its a ticking time bomb that has been decades in the making.
Around six weeks ago, the Pensions Commission, set up to conduct a root-and-branch review of the UK pension system, came back with its interim findings: the number of people who are under-saving for retirement has reached 15 million and is growing.
Even changes designed to help – such as the so-called “triple lock” on the state pension (raising it each year by average earnings growth, price inflation or 2.5 per cent, whichever is higher) or the introduction of auto-enrolment – has done little to arrest the slide.
Shorts
Indeed, pensioner poverty numbers in the UK are higher now than they were 10 years ago.
