While one arm of government investigates why people are not saving enough, another has spent the last eighteen months reducing the incentives to do so, James Floyd writes
Just 23% of workers are on course for a moderate retirement, according to the latest Pensions and Lifetime Savings Association report. The government's response? Another review. This from the same government that has spent the last eighteen months making pension saving less rewarding. A moderate retirement now costs £32,700 a year for a single person and £45,400 for a couple, while just 9% are on track for a comfortable retirement. And Pensions UK warns that many face a sharp drop in income when they stop working as rising costs push retirement targets ever higher. The savings gap ...
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