How do we get Britain back to work? Tackling our high rates of economic inactivity has been described by Liz Kendall, the Secretary of State for Work and Pensions, as ‘the greatest employment challenge in a generation’. The challenge is indeed a serious one. Since the pandemic, the proportion of workers who are economically inactive
Since its introduction just over a decade ago, automatic enrolment has undoubtedly transformed retirement savings in the UK, allowing millions of workers to effortlessly save for their future. Some 22.6 million people now contribute to a workplace pension, an increase of 47 per cent before auto enrolment’s inception in 2012. That is a significant achievement.
Since its introduction just over a decade ago, automatic enrolment has undoubtedly transformed retirement savings in the UK, allowing millions of workers to effortlessly save for their future. Some 22.6 million people now contribute to a workplace pension, an increase from 47 per cent prior to auto enrolment’s inception in 2012. That is a significant
Across the global economy, a pattern is taking place – with humans living longer than before. While all of the underlying reasons are to be welcomed (not least the improvement of healthcare) this increase in longevity is also bringing profound consequences for the way in which we structure society. As the UK’s largest long-term savings
Research by the Social Market Foundation, sponsored by Phoenix Group, estimates the average person reaching retirement age is almost £250,000 short of the pension pot they’ll need to deliver the pension income they want. That’s a savings gap of £132 billion across the UK. Let those numbers sink in. They’re alarming, to say the least.
