Workers in the U.K face a 'risky' future when it comes to their pensions, according to a report released by the Institute for Fiscal Studies Thursday.
Workers in the U.K face a "risky" future when it comes to their pensions, according to a report released by the Institute for Fiscal Studies Thursday.
Almost 90% of Brits aren't putting an appropriate amount of money into their pension pots — generally considered to be around 15% of earnings, according to the IFS report. People on lower incomes are particularly at risk as they don't necessarily meet the requirements for automatic pension enrolment.
We need a major review of pension provision now in order to give us a chance of avoiding a future that looks worse than the present.More and more people are retiring with defined contribution pensions, which offers more flexibility but also gives owners the responsibility of managing the finances, and the associated risks, themselves, the report says.
"We need a major review of pension provision now in order to give us a chance of avoiding a future that looks worse than the present," the IFS report says.Increasing pension contribution rates for U.K. workers should be "top of the agenda" when it comes to reforming the pension system, according to Romi Savova, CEO of pension management platform PensionBee.
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