David Sinclair, Director of the International Longevity Centre (ILC-UK) has challenged the government to ensure that Work and Pensions Committee recommendations which calls for the establishment of an Independent Pension Commission is acted upon.
“Despite the success of auto-enrolment we face a long term savings crisis. Whilst growing numbers of us are saving, the levels are severely inadequate. A "new normal" of low investment returns combined with low real wage growth is repressing savings levels and presenting a significant risk of long term pensioner poverty.
Raising savings levels in the current economic climate is a challenge in itself but it has been exacerbated by policy uncertainty. It is critical that whatever future steps are taken, they are well thought through, based on consultation with a variety of stakeholders and appropriately communicated to the general public. A new Commission should start work as soon as possible after the next election and take a holistic view of UK retirement income policy”