The government has been urged to create a national framework for measuring retirement adequacy, built around a minimum income threshold and target replacement rates.
There is a significant gap in HMRC’s collection of long-term savings data, Aberdeen Adviser has warned.
Less than 1 in 10 (9%) of self-employed workers paid into a personal pension in the 2023/24 tax year, according to data from HMRC.
Today’s interim Pensions Commission report has been broadly welcomed by the industry, with some urging the Commission to take 'meaningful action' that leads to 'structural change'.
The Pensions Commission has highlighted that many people are failing to save enough for retirement, particularly among low and middle earners, the self‑employed and women.
The Society of Pension Professionals has called for pensions automatic enrolment to be extended to the self-employed.
The Society of Pension Professionals said the revival of the government’s landmark Pension Commission is good news as it will consider a wide range of potential solutions rather than focusing solely on automatic enrolment.
The restricted remit of the new Pensions Commission will limit its ability to deal with the scale of the problem, according to LCP partner and former Pensions Minister Steve Webb.
The Government is reviving the Pensions Commission to look at ways to tackle the problem of people not saving for their retirement.
