Patrick Thomson, Senior Programme Manager, Centre for Ageing Better commented:
"Calls for greater engagement and clearer information on retirement income are welcome. We know that many people are not saving enough to afford what they need for a good later life, and there are an estimated 12 million people heading towards an insufficient retirement income."
"Over recent years we have seen dramatic progress in the number of people taking up workplace pensions by default, with the added bonus of their employer paying in as well."
"This is welcome news, but for many people just putting in the minimum amount won’t provide the financial security in retirement they expect."
"Having enough money is incredibly important for a good later life, and this report serves as a wake-up call for anyone assuming the State Pension alone is going to provide a comfortable income in retirement. It’s crucial that we support people in planning and preparing for their later life."
