On 21 July the Government launched a statutory review of the state pension age to reassess its link to factors like life expectancy and long-term affordability.
Alongside this, a revived Pensions Commission has been established — mirroring the body last active in 2006 — to investigate why nearly half of working-age adults aren’t saving enough for retirement and to propose reforms for a fairer, more sustainable pension system.
Government have highlighted that:
- Without action tomorrow’s retirees are on track to be poorer than today’s.
- Almost half of working-age adults are still saving nothing with low earners, some ethnic minorities and the self-employed least likely to be pension saving.
- A revived Pension Commission will consider the long-term future of our pensions system to make today’s workers better off in retirement.
The commission will report by 2027. Members can read more about this here.
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