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What next for pensions? Why the 2020s are the crunch decade—discussion 2

By Prospect Team  

Automatic Enrolment (AE) is one of the stand-out policy successes of recent years. A genuine cross-party initiative, it has transformed how people in the UK save for their retirement. Before the scheme began in 2012, fewer than 50 per cent of employees were saving into a pension. Today more than 70 per cent are.

But it is only a start. At current contribution rates, AE will not provide an adequate retirement income for many. What’s more, it doesn’t help the 4.8m self-employed people in the UK. Guidance, advertising, publicity and tax reliefs have all been deployed to make saving as attractive as possible; initiatives that are sensible in their own right, but still people aren’t saving enough for their retirement.

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By the decade’s end, we will be seeing people who spent most of their careers in the post-final salary pensions world retiring—will this mean that instead of getting richer over the years as they have been, pensioners will start getting poorer again?

Despite the success of auto-enrolment, are pensions savings still inadequate? Join Prospect for the second in our series of “What next for Pensions?”

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Baroness Altmann – Chair
Matt Rodda MP – Shadow Minister for Pensions
David Linden MP – SNP Spokesperson on work and pensions
Jo Cumbo – Global Pensions Correspondent, FT
Pete Glancy – Head of Policy, Pensions & Investments, Lloyds Banking Group

This discussion is kindly supported by Lloyds Banking Group

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