Ten years to the day after the final report of the Pension Commission, the International Longevity Centre – UK (ILC-UK) announced its second National Retirement Income Summit.

The Pensions Commission painted a future where individuals would need to do a combination of working longer, saving more, or paying more tax. The Commission argued that a failure to act would lead to poorer pensioners.

ILC-UK analysis highlights positive progress in extending working lives, preventing pensioner poverty and getting more people into saving. However, it also warns of complacency and paints a bleak picture for future pensioners.

Our analysis has found that since the Pensions Commission

The average age of exit from the labour force is increasing but it is still below what it was in the 1960s and 1970s
In fact, the average time spent in retirement continues to increase

Auto-enrolment has delivered a growing number of employees with workplace pensions

But median contribution rates are low and a growing proportion of us have no savings. Final Salary pension coverage continues to fall
Younger people are less well placed than previous generations to save and may attract lower long term returns on their savings

Effective tax rates have been falling but have increased more recently

Spending on pensioner benefits slightly above the long run average as a percentage of GDP

Pension Commission: 10 Years On from ILC- UK

ILC-UK’s second Retirement Income Summit will be hosted by the Chartered Insurance Institute on 10th June 2015. Registration is open now. Confirmed speakers at the event include: Baroness Jeanie Drake; Steve Webb (Royal London); Gregg McClymont (Aberdeen Asset Management); Professor David Blake (Cass); Chip Castille (Blackrock); and Michelle Cracknell (TPAS).

Spaces for the retirement income summit can be booked at:

https://www.ilcuk.org.uk/index.php/events/second_national_retirement_income_summit