![\"\"](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2025\/07\/022-women-pension-retirement.jpg\")
\t\tAs it stands, people retiring in 2050 will be worse off than pensioners today. \t<\/p>\n\t\t\tMonday 28 July 2025 5:55 am
\n\t\t\t\t\t\u00a0|\u00a0\u00a0Updated:\u00a0<\/p>\n
\t\t\tFriday 25 July 2025 4:22 pm\n\t<\/p>\n
\t\t\tShare<\/p>\n
\t\t\t\t\t\tFacebook\t\t\t\t\t\tShare on Facebook\t\t\t\t\t<\/p>\n
\t\t\t\t\t\tX\t\t\t\t\t\tShare on Twitter\t\t\t\t\t<\/p>\n
\t\t\t\t\t\tLinkedIn\t\t\t\t\t\tShare on LinkedIn\t\t\t\t\t<\/p>\n
\t\t\t\t\t\tWhatsApp\t\t\t\t\t\tShare on WhatsApp\t\t\t\t\t<\/p>\n
\t\t\t\t\t\tEmail\t\t\t\t\t\tShare on Email\t\t\t\t\t<\/p>\n
\t\tAs it stands, people retiring in 2050 will be worse off than pensioners today. \t<\/p>\n
Our pensions system is a ticking time bomb that could detonate within a generation. The Pension Commission will try and defuse it, writes Alastair King<\/p>\n
Across the United Kingdom today, 15m people \u2013 one in four \u2013 are not saving enough for their retirement. Almost half of working-age adults are not putting a single penny into a private pension, with low earners, the self-employed, women and people in some ethnic groups less likely to be pension saving.<\/p>\n
Retirement should be a time for relaxation and fulfilment, but, without the foundation of financial stability, for too many, it could be a prolonged period of stress and anxiety. The implications for the state could be huge.\u00a0<\/p>\n
Our pensions system is a ticking time bomb that could detonate within a generation. Announced by the Department for Work and Pensions (DWP) last week, the relaunched Pension Commission<\/a> is an attempt to defuse it.<\/p>\n How the Pension Commission can change things<\/p>\n The Commission \u2013 which first reported nearly 20 years ago, and led to the hugely-successful roll-out of automatic enrolment in pension saving \u2013 will bring together trade unions, employers, independent experts and our world-leading financial and professional services sector to examine how the different elements of the system are working together, and establish what is preventing people from putting more into their retirement pots. The City Corporation looks forward to supporting the Commission in its aim to build a national consensus across government, business and society around future strategy for a pensions system that is strong, fair and sustainable. As Catherine Foot, director of Standard Life Centre for the Future of Retirement, has said,\u00a0\u201cdoing so will involve complex trade-offs\u201d,\u00a0but navigating these issues now will help ensure future generations have good pension outcomes.<\/p>\n The relaunch comes at a time of renewed interest in, and energy around, pension reform. Like my predecessor, Sir Nicholas Lyons,<\/a> I have argued that as well as being a problem to be solved, the broken pensions system is also an opportunity to be seized, with defined contributions (DC) pension schemes representing a prime untapped source of long-term capital for the British economy.<\/p>\n As part of my mayoral theme,\u00a0Growth Unleashed, we have been working closely with industry on initiatives that seek to unlock growth while enhancing British savers\u2019 long-term financial security.<\/p>\n Getting employers to help the pension revolution<\/p>\n