Following the release of Scottish Widows’ latest retirement report which found that the number of people not on track for even a minimum retirement lifestyle has worsened.
Reacting to the data, Lily Megson, Policy Director at My Pension Expert, said: “Figures like this are nothing new, yet they remain a painful reminder that the UK pensions system is hanging by a thread.
“It’s particularly worrying that so many feel they’ll have to extend their working lives significantly – or worse, even indefinitely. People deserve a comfortable retirement at the end of their working life, and this signals a failure in our current system to provide adequate support and resources for savers.
“It is also glaring evidence of the need to carry out the recently launched pension review with precision and, most of all, urgency. Tackling pension engagement, increasing access to financial education, and providing advice are crucial areas which the new Government must cover.
“Doing so will be a positive step in restoring financial confidence and equipping people with the tools and knowledge they need to secure a comfortable retirement.”
