According to the DWP, nearly half of working-age adults in the UK are not saving into a private pension. More than three million self-employed workers do not currently save into a pension, it added.
Just one in four low earners are saving into a private pension, the DWP also found. The DWP warned that action needs to be taken to boost retirement savings.
In order to tackle the issue, the DWP is utilising the Pensions Commission and has initiated the next review of the State Pension age. This is currently 66 years old and will rise to 68 by 2046.
Paul Nowak, General Secretary of the Trades Union Congress (TUC), said:
"Everyone deserves dignity and security in retirement, but right now many workers – especially those in the private sector – will find themselves without enough to get by on.
Far too many people won't have enough pension for a decent retirement, and too many – especially women, BME, disabled workers and the self-employed – are shut out of the workplace pension system altogether."
READ MORE
28/07/2025
View all >
11/05/2026
HMRC reminds parents to extend Child Benefit claims
HMRC is reminding parents of 16-19-year-olds to extend their Child Benefit claim if their teenager is staying in certain types of education or training after their GCSEs or National 5s.
Small firms pushed out of EU markets by red tape and rising costs
Red tape, rising costs, and complex rules are pushing small firms out of EU markets, new research by the Federation of Small Businesses (FSB) has warned.
‘Disproportionate tax burden’ closing two pubs a day
A total of 161 pubs closed across Britain in the first three months of 2026, an equivalent of almost two a day, according to figures from the British Beer and Pub Association (BBPA).
Sign up to keep in touch to receive our latest news and industry updates.
CharitiesDentistsDoctorsTax
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.