ILC-UK urges Government to introduce a new cross party Pension Commission

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Ten years to the day after the final report of the Pension Commission, the International Longevity Centre – UK (ILC-UK) announced its second National Retirement Income Summit.

The Pensions Commission painted a future where individuals would need to do a combination of working longer, saving more, or paying more tax. The Commission argued that a failure to act would lead to poorer pensioners.

ILC-UK analysis highlights positive progress in extending working lives, preventing pensioner poverty and getting more people into saving. However, it also warns of complacency and paints a bleak picture for future pensioners.

Our analysis has found that since the Pensions Commission

  • The average age of exit from the labour force is increasing but it is still below what it was in the 1960s and 1970s
  • In fact, the average time spent in retirement continues to increase
  • Auto-enrolment has delivered a growing number of employees with workplace pensions
  • But median contribution rates are low and a growing proportion of us have no savings. Final Salary pension coverage continues to fall
  • Younger people are less well placed than previous generations to save and may attract lower long term returns on their savings
  • Effective tax rates have been falling but have increased more recently
  • Spending on pensioner benefits slightly above the long run average as a percentage of GDP


ILC-UK’s second Retirement Income Summit will be hosted by the Chartered Insurance Institute on 10th June 2015. Registration is open now. Confirmed speakers at the event include: Baroness Jeanie Drake; Steve Webb (Royal London); Gregg McClymont (Aberdeen Asset Management); Professor David Blake (Cass); Chip Castille (Blackrock); and Michelle Cracknell (TPAS).

Spaces for the retirement income summit can be booked at: http://www.ilcuk.org.uk/index.php/events/second_national_retirement_income_summit

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