A commission has been launched with the sole intention of establishing why pensions in the United Kingdom are said to be 'failing' people.
Dubbed The Workplace Retirement Income Commission, the committee will investigate ways in which the United Kingdom can overhaul its ailing pension system. The committee will be headed by John McFall, former chairman of the Treasury Select committee.
McFall said: Half the workforce is on a collision course with a long retirement spent in poverty. It's unacceptable that so many will head into old age worried about how they are going to get by. A greyer Britain is one of the biggest challenges our society faces and there's a huge gap in public policy which must be filled. We need to find a sustainable and more universal approach to saving for retirement.”
Recent research conducted by the National Association of Pensions shows that people in the UK are far from happy with the current pension system. A survey discovered that over 50 percent of the respondents who had not yet entered retirement were concerned that they would not have enough money to retire at the current set age.