Pensions Expert has invited a range of charities, think tanks, unions and other organisations to set out what they want to see from the relaunched Pensions Commission.
Over the course of September, we will be publishing opinion pieces from a range of organisations exploring different areas of adequacy and retirement income needs, in many cases utilising research and studies to illustrate the scale of the issues facing the Pensions Commission.
In doing this, Pensions Expert hopes to support a more informed discussion on retirement adequacy and fairness within the system, and to involve voices not normally heard within the pensions industry.
Use the drop-down menu above to navigate between each article, or see the full list below.
These will not be easy reads in some cases. The data paints a stark picture of pensioner poverty, low savings rates, and a lack of capacity to put money away for the future.
Fixing these issues will require new ideas, some of them radical, and some of them potentially unpopular. Nevertheless, these ideas deserve a fair hearing.
Organisations have been invited to participate purely to bring a wide range of perspectives to the industry discussion on adequacy. Their inclusion is not an endorsement by Pensions Expert or DG Publishing, nor do the articles and their contents necessarily reflect the views of Pensions Expert or DG Publishing.
Jack Jones, the Trades Union Congress’ pensions policy lead, calls for bold action to support those currently underserved by pensions policy.
“The goal must be to achieve decent standards of living in retirement for all through the state and occupational pensions working in tandem. This is a fundamental need, and the commission offers a vital chance to achieve this long-term policy success.”
Liz Emerson, CEO and co-founder of the Intergenerational Foundation, asks the commissioners to consider who is being asked to foot the bill for retirement sector reforms.
“Until there is a cross-party consensus with a politically neutral focus on intergenerational fairness, the interests of younger and future generations, who do not have seats at the negotiating table, will be sacrificed.”
Retirement Income Taskforce chair Margaret Snowdon outlines her ideas for changing the state pension, auto-enrolment, and contribution rates to better serve more people.
“This is not a task for the faint-hearted, but it is a once-in-a-generation opportunity to rethink what pensions are for and address some of the things that are no longer fit for purpose.”
Tina McKenzie, policy chair at the FSB, summarises new research revealing the difficulties faced by small employers and how this could affect efforts to improve pensions adequacy.
“It’s important that the government and the Pensions Commission listen to small employers and those who represent them. Small firms were most impacted by auto-enrolment and the answers won’t come from large corporates.”
John Upton, policy analyst at the Pensions Policy Institute, explains the organisation’s latest research, which sheds light on how auto-enrolment limits affect low earners.
“For someone with a less conventional career trajectory, knowing how much to save – and when – is a far more complicated question, making policy harder to design and more likely to create inequalities in retirement.”
Railpen’s Tim Miller, senior manager for pensions policy, says the resilience of open defined benefit schemes shows that they need to be a part of the Pensions Commission’s thinking on retirement income adequacy.
“If a scheme remains open today, it’s not here by chance. Ultimately, the trustees, advisers, and the sponsor have been prepared to continually persevere against the regulatory tide.”
Sasjkia Otto, senior researcher at the Fabian Society, outlines what her research shows about what future pensioners need.
“Poverty during working life is not a reasonable price to pay for dignity in retirement. This is especially important as those on the lowest incomes are less likely to have many healthy years left after they reach state pension age.”
I hope you will find this series interesting and illuminating, and that it will spark more industry debate about how we can ensure a comfortable and enjoyable retirement for all.
Nick Reeve is editor of Pensions Expert.
‘Dear Pensions Commission…’: Exploring the future of retirement adequacy
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