AssetID: 54930377
Headline: UNCAPTIONED: Future Pensioners Face Income Drop, Government Warns
Caption: Future Pensioners Face Income Drop, Government Warns. The UK government has warned that people retiring in 2050 could be £800 a year worse off than pensioners today unless urgent action is taken to improve retirement savings. The Department for Work and Pensions is reviving the original Pensions Commission to tackle the growing shortfall as new data shows nearly half of working-age adults aren’t saving into a private pension. Low earners, the self-employed, women, and certain ethnic minorities—including Pakistani and Bangladeshi groups—are particularly underprepared. Despite progress from auto-enrolment, major gaps remain. The typical woman retiring today receives just over £100 a week from private pensions—half that of the average man. The warning comes amid growing concern about the affordability of the state pension triple lock which is expected to cost three times more by the decade’s end. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
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