Today’s workers ‘at greater risk of poverty in old age than their parents’
Today’s workers are at a greater risk of poverty in old age than their parents, experts warned, as the UK looks to revive a government body to tackle the crisis.People looking to retire in 2050 are on course to receive £800 per year less than current pensioners, according to Age UK.The Department for Work and Pensions (DWP) will resurrect the Pensions Commission, which last met in 2006, to “tackle the barriers that stop too many from saving in the first place”.At least 45 per cent of working-age adults are putting nothing into their pensions, work and pensions secretary Liz Kendall said.The previous commission recommended automatically enrolling people in workplace pensions, which has seen the number of eligible employees saving rise from 55 per cent in 2012 to 88 per cent.At least 45 per cent of working-age adults are putting nothing into their pensions, work and pensions secretary Liz Kendall said More