Long-term Solutions Needed for Pension Adequacy
The UK pension system requires systemic, long-term solutions to ensure a comfortable retirement for all, as stated by panellists at the Pensions UK Annual Conference in Manchester.
According to Helen Dean, chair of the Standard Life Master Trust, many individuals are excluded from the pension system, emphasizing the need for a definition of adequacy that considers those not saving into a pension.
Any definition of adequacy needed to factor in the large number of people who were not even saving into a pension.
Improvements in state pension provision have not been matched in the private sector, leaving the industry to tackle its adequacy problem.
Author's summary: Pensions UK needs long-term solutions.