Story perspectives

Pensions Report: 15 Million Under-Saving, Women Half Men’s Wealth

5/20/2026

Summary

Story summary

The Pensions Commission released an interim report finding 15 million people are not saving adequately.
Women approaching retirement hold half the private-pension wealth of men, with median savings of £81,000 versus £156,000.
The report warned that up to 19 million could face a cliff-edge at retirement if the shortfall persists, while 45 % of working-age adults are not contributing to a pension and only 4 % of wholly self-employed workers have any retirement savings.

History

Historical Context

The 1995 Pensions Act, enacted after the Robert Maxwell pension scandal, established the Occupational Pensions Regulatory Authority and a Minimum Funding Requirement to curb retirement-savings gaps. The Pensions Act 2004 later replaced the MFR with a scheme-specific funding objective, and the requirement was formally removed in September 2005. Today the Pensions Commission highlights ongoing contribution shortfalls.

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Story summary

The Pensions Commission released an interim report finding 15 million people are not saving adequately.
Women approaching retirement hold half the private-pension wealth of men, with median savings of £81,000 versus £156,000.
The report warned that up to 19 million could face a cliff-edge at retirement if the shortfall persists, while 45 % of working-age adults are not contributing to a pension and only 4 % of wholly self-employed workers have any retirement savings.

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