Awareness and understanding amongst the public still remains low
6 April 2017 marked the anniversary of both the new State Pension and the new pension freedoms. These major overhauls have revolutionised the UK pensions landscape, but research from Aviva suggests work to improve pension saving is far from done as awareness and understanding amongst the public still remains low. In particular, millions of young people under the age of 35 are still oblivious to the changes that will shape their retirement futures more than any other generation before them.
Planning to prevent the financial equivalent of climate change
Millions of workers across the UK could be heading for a significant shortfall in the amount of pension they need for an adequate income. The World Economic Forum (WEF) has issued a warning that calls on the Government to impose faster pension-age rises as it earmarks the UK as one of several countries facing a ‘pension time bomb’, with the UK pension savings gap reaching £25 trillion by 2050 if action is not taken soon.