The future looks 'risky at best for many workers hoping for comfortable retirement'
Several key challenges are threatening the living standards of workers hoping for a comfortable retirement, according to the Institute for Fiscal Studies . It said the past 20 years have seen the continued decline of salary-linked [defined benefit] pensions in the private sector and low typical contributions to defined contribution pension schemes.
The report added: “While current pensioners are still doing well on average, the future looks risky at best for many current workers hoping for a comfortable retirement.” But it said pressures on the public finances are already considerable, with the Office for Budget Responsibility projecting State Pension and pensioner benefit spending to rise from 5.6 per cent to 9.6 per cent of national income by the early 2070s.
“And an increasing number are likely to spend their retirement in relatively expensive, and less secure, private rented accommodation which will have adverse consequences for both retirement living standards and the Government’s housing benefit bill. A fresh look at the UK retirement saving environment is long overdue.”
Latest State Pension News A Department for Work and Pensions spokesperson said: “Automatic enrolment has succeeded in transforming pension saving, with more than 10.8million workers enrolled into a workplace pension and an additional £33billion saved in real terms in 2021 compared to 2012.
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