Pensions - Articles - Second SPA review an independent call for evidence

 “Having a workplace pension is vital to help bridge the gap between when you choose to retire and when the Government decide to begin paying your State Pension. Despite pensions being integral to people’s wellbeing in later life, many are still not saving enough for their retirement and millions of people in the UK will face pension poverty. Our recent research found some underpensioned groups reach retirement age with just 15% of the pension wealth of the UK average.

 “To ensure people are reaching retirement with a sufficient pension pot we must also consider the other measures that could be taken. We are calling on the government to make two crucial policy changes. The removal of the £10,000 earnings threshold would get an additional 2.5 million people into workplace savings and pension contributions from the first £1 would increase pension wealth of the underpensioned groups by an average of 30%, make pension saving fairer for all and help close the savings gap.”