Pensions crisis looms as 2.7m Brits warned they have 'just two decades'

Oct. 4, 2024 - Express

Worrying new analysis suggests that a pensions "crisis point" is looming in less than two decades, with 2.7 million people set to retire with insufficient savings.

They've also not benefited from a lifetime of auto-enrolment into retirement funds, as this system was introduced years after they began working. According to the analysis from savings and retirement group Phoenix, "The years 2040 to 2044 represent a critical period when the highest number of undersavers will enter retirement.

" READ MORE: DWP triple lock alert as future of pension policy in doubtAnalysts suggest the crisis will come in less than 20 years. Patrick Thomson, head of research analysis and policy at Phoenix Insights, said: "The analysis paints a bleak picture of future retirement incomes.

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