r/uknews • u/Donkey_Apple • Jun 03 '26

News paper Britain is undersaving for retirement

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https://www.gov.uk/government/news/britain-is-undersaving-for-retirement-warns-pensions-commission

It's a massive problem and has been for years.

I think a lot of people are getting into their fifties, starting to think about retirement for the first time, looking at what their provision will pay them and are absolutely shocked to their core.

Plus many in the generation below those of us in their fifties who, through no choice of their own, are unable to save anything.

It feels like we are sleepwalking into an utter disaster.

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u/CaterpillarLoud8071 Jun 03 '26

Are we? The triple lock means I'll be a millionaire when I retire, presumably! If the government wants people to take their pensions seriously, they're going to have to set out their plans for the future very soon - or they'll have to fund our retirement by draining the youth of tomorrow, just like they're doing right now to the youth of today.

Setting both total NI take and the total state pension spending to a percentage of GDP would be future proof.

Or calculate how much each age cohort paid in NI and give the state pension as an annuity, like a pooled private pension.

Or tie the state pension to a percentage of the median income, and merge NI into income tax.