A new report suggests that boosting minimum work pension contributions through minimum work pension saving could drastically reduce retirement poverty. The current forecasts predict that 12.2 million people, nearly a third of adults, face hardship in later life based on current forecasts. The report also recommends extending auto-enrolment to self-employed people and creating a similar auto-saving system for self-employed people to improve retirement chances.
Poverty in retirement could be drastically reduced if minimum work pension contributions were boosted. Some 12.2 million people, nearly a third of adults, face hardship in later life based on current forecasts.
Raising the auto-enrolment pension saving rate to 12% and applying it to total salaries could help those who undershoot retirement income levels. However, even if the recommendations of the Pensions Commission are adopted, their implementation would occur decades from now. Falling energy costs led to more people meeting the minimum lifestyle standard set by Pensions UK. But global events could reverse this positive progress
Finance Policies Retirement Poverty Pension Savings Work Pension Income Levels Auto-Enrolment Pensions UK
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