Pensions - Articles - Government must act now on adequacy of pension contributions

 Mark Futcher, Partner and Head of DC pensions at independent consultancy, Barnett Waddingham: "Our retirement and pensions system is fundamentally flawed. Left unresolved, we are now at risk of facing a bleak, 'Dickensian' future whereby the elderly are forced to work because they lack the savings to support themselves."

 "These findings only reinforce an alarming trend the country has been experiencing over the past few years; one of a population raiding its savings and retirement pots today to abate the cost of living crisis, at the expense of their hard earned futures. And this isn’t going away. The Department for Work and Pensions is observing a steady increase in workplace pension opt-outs, and Barnett Waddingham's research last year found almost a third (28%) of those over 50 said they had no private or workplace pension savings at all.

 "It's clear the Government needs to act now to ensure the adequacy of pension contributions and to close the pensions education gap. If this doesn't happen, the government may be left to pick up the pieces of an aging, impoverished population."