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Report

Workplace Pensions

Feb, 2019
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Summary

One in eight UK retirees relies solely on their state pension with thousands of Britons facing retirement poverty because we are still not saving enough. The Workplace Pensions report, published in The Times, explores some of the reasons why, particularly in the case of NHS workers who are opting out of their NHS pensions in increasing numbers. It also covers ways to tackle this issue, from addressing the gender pension gap to embracing corporate financial wellness programs. Also featured is a look at six of the top challenges facing pensions in 2019 and comment on how the pensions industry needs to start investing to tackle climate change

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Even with the introduction of auto-enrolment and scheduled increases in contributions, Britons are not saving enough for their retirement. With one in eight retirees relying solely on the state pension, there is a real risk that financial pressures and a decline in standards of living could push more and more people into poverty as they retire, particularly if they do not own their own home