Millions of people across Britain are facing a “cliff edge” when they retire due to a chronic shortfall in saving that will require a radical shake-up of the pensions system to fix, a government-backed report has warned.
The Pensions Commission said 15 million people were currently not saving adequately for their retirement, and warned this could rise to as many as 19 million without action.
Sounding the alarm over the risks to individuals and the economy at large, the independent group of experts said there was a danger that tomorrow’s retirees would be worse off than today’s.
