It’s time to modernise pensions
20th Jun 2023
Pensions in the UK are in urgent need of an overhaul
Over the past 20-plus years, the country’s pension system has come to resemble a mass of mismatched parts, bolted together by successive Governments without a cohesive strategy. The result is an assembly of confusing language (e.g. net pay arrangements) complex rules (e.g. tapered annual allowance) and unintended consequences (e.g. small pots), that has served to present the people that really matter – pension members – with a bewildering proposition.
The result?
- Employees don’t understand their pensions
- Employees don’t engage with their pensions
- Employees don’t save enough into their pensions
It’s time to modernise pensions and put the voice of the saver at the heart of these reforms.
Five problems with the UK’s pension system
Our research has identified the following problems with the UK’s pension system:
- Confusing language
- Complex rules
- Increasing number of members with multiple pension pot
- Savings restricted to the long-term
- A failure to consider what members want
Download our latest research paper to learn more about these five problems and how to deliver pensions that savers actually want.
