Long-term solutions needed to address adequacy issues
The UK’s pension system needs systemic, long-term solutions to ensure everyone can afford to retire, according to panellists at the Pensions UK Annual Conference in Manchester.
Helen Dean, chair of the Standard Life Master Trust, noted that
too many people were excluded from the pension systemand emphasized that any definition of adequacy must consider the large number of people who are not saving into a pension.
Improvements in state pension provision have not been matched in the private sector, leaving the industry to face an uphill battle to solve its adequacy problem.
Author's summary: UK pension system requires long-term solutions.