Labour to relaunch pensions group over fears retirees will be £800 poorer by 2050 | Politics | News
A pension group will be restarted by the labor force to fear that workers do not save enough for retirement. In 2006, the last -meeting independent organ, the pension commission, will look at the long -term future of the pension system.
While the new analysis of the Ministry of Labor and Pension (DWP) continues to receive £ 800 less than the current retirees of those who want to quit in 2050, almost half of the working age adults do not put anything on their pensions. Liz Kendall, Secretary of Labor and Pension, said: “People deserve to know that they will earn good income in retirement – all security, dignity and freedom that brings.
“But the truth is, especially if you are low -paid or self -employed, it is not real that many people encounter.
“The Pension Commission has prepared the ground and now, after twenty years, we are portrayed to address the obstacles that stop too much savings in the first place.”
Age UK said that the commission should address the state pension for most OAP, which provides a large part of its retirement income.
Aid Director Caroline Abrahams said: “If we avoid future generation retirees with financial difficulties, we need reforms that allow more people to create a good standard of living, and then we need them earlier to maximize the numbers that can be helped.
“Most of the state retirement provides a large part of retirement income for retirement, 1.1 million (13%) receives all its income from the state.
He said: “Therefore, it is very important to think about the future of the state pension with the role of special savings, because once it is clear, it will be possible to say how aside people should leave a good standard of living.”
Morgan Vine, the Policy Director and the Independent Age, Morgan Vine, said the new Pension Commission is “an important opportunity to ensure that future pensioners have sufficient income for a subsequent life”.
However, he added: ık We have disappointed that the investigation will not focus on the retirement revenues of the state.
“Our consultants every day, low -income elderly people hear the difficult decisions to survive, including reducing the number of showers they receive to skip food and save money.
“We call on the United Kingdom government not to forget almost two million elderly people who are currently living in poverty, and not to make concrete changes to support and support them.”
The previous commission suggested that people automatically regain workplace pensions, which has seen that the number of appropriate employees increased from 55% to 88% in 2012 from 55% to 88%.
DWP analysis, 15 million people are unfair for retirement, self -employed, low -wage and some ethnic minorities were particularly affected, he said.
Women face an important gender retirement gap with those approaching retirement to get half of the income that men can wait.
The Commission will be managed by Barones Jeannie Drake, a member of the previous commission, and will be reported in 2027 with proposals beyond the next election.
