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ILC-UK Respond to Work and Pensions Committee call for the establishment of an Independent Pension Commission

Welcoming today's report from the Work and Pensions Committee which calls for the establishment of an Independent Pension Commission, David Sinclair, Director of the International Longevity Centre (ILC-UK) said:

“Despite the success of auto-enrolment we face a long term savings crisis. Whilst growing numbers of us are saving, the levels are severely inadequate. A "new normal" of low investment returns combined with low real wage growth is repressing savings levels and presenting a significant risk of long term pensioner poverty.

Raising savings levels in the current economic climate is a challenge in itself but it has been exacerbated by policy uncertainty. It is critical that whatever future steps are taken, they are well thought through, based on consultation with a variety of stakeholders and appropriately communicated to the general public. A new Commission should start work as soon as possible after the next election and take a holistic view of UK retirement income policy”.

ENDS

The Work and Pensions Commission report is available at: http://www.publications.parliament.uk/pa/cm201415/cmselect/cmworpen/668/668.pdf

In February 2015, ILC-UK published Consensus Revisited-the case for a new Pensions Commission: http://www.ilcuk.org.uk/index.php/publications/publication_details/consensus_revisted_the_case_for_a_new_pensions_commission

 

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