UK Plans Major Pension System Review

The UK government, led by Chancellor Rachel Reeves, is set to launch a major review of retirement savings before Parliament's summer recess, which may include requiring employers to increase pension contributions. The review addresses concerns that current auto-enrolment rules, mandating an 8% minimum contribution, leave millions at risk of poverty in retirement. The Department for Work and Pensions will also consider whether to accelerate planned increases in the state pension age based on updated life expectancy data. New rules will soon permit financial firms to offer more targeted support to savers, aiming to improve outcomes for those lacking professional financial advice. Over 700,000 pensioners are still missing out on Pension Credit despite being eligible, highlighting ongoing gaps in support. The debate continues amid business concerns over recent National Insurance hikes and international moves like Australia's employer contribution increases.