The Pensions Commission was (re)launched a week ago, with a broad remit but considerable constraints. Pensions Expert looks at some of the key challenges the commissioners are trying to solve.
The Department for Work and Pensions has revived the much-lauded Pensions Commission to investigate how to improve retirement income adequacy.
The commissioners – Baroness Jeannie Drake, Sir Ian Cheshire and Professor Nick Pearce – have been asked to focus particularly on inequalities in the system, such as the gender and race pension gaps, as well as the savings rates of low earners and the self-employed.
Pensions Expert has collated some key data points in the slideshow, viewable above, that show the scale of the under-saving issue affecting millions of people across the UK.
Time to get the job done? More Pensions Commission coverage
Explore Pensions Expert’s detailed coverage of the launch of the Pensions Commission and industry reaction, from profiles of the three commissioners to views on the gender pensions gap and renting in retirement. Click on the headlines below to find out more.
The Pensions Commission will evaluate outcomes and risks likely to affect future pensioners and explore ways of addressing inequalities in the system, according to the Department for Work and Pensions. But with auto-enrolment contributions and tax out of scope, some have raised concerns that its impact will be limited. Read the full story
Pensions Expert profiles the three commissioners tasked with examining ways to improve retirement income adequacy: Sir Ian Cheshire, Baroness Jeannie Drake, and Professor Nick Pearce. Read the full story
Find out what the work and pensions secretary said about the importance of improving retirement income adequacy when she addressed the industry at the launch of the Pensions Commission on 21 July. Read the full story
The government’s latest figures reveal a 48% gender pensions gap among those nearing retirement. Experts say the new Pensions Commission must address systemic inequalities and act fast to prevent a deepening crisis, as Sara Benwell reports. Read the full story
The newly relaunched Pensions Commission must take rising housing costs into consideration as well as the impact of renting in retirement, according to the Association of Member Nominated Trustees. Read the full story
Trade body Pensions UK plans to feed into the new Pensions Commission with its own research on building flexibility into the automatic enrolment system. Its chief executive said higher pension contributions needed to become “the norm”. Read the full story
