At least 15m Britons not saving enough to retire, Pensions Commission says

Key points

• Millions of people across Britain are facing a “cliff edge” when they retire due to a chronic shortfall in saving that will require a radical shake-up of the pensions system to fix, a government-backed report has warned.
• The Pensions Commission said 15 million people were currently not saving adequately for their retirement, and warned this could rise to as many as 19 million without action.
• Sounding the alarm over the risks to individuals and the economy at large, the independent group of experts said there was a danger that tomorrow’s retirees would be worse off than today’s.
• First established under Tony Blair’s government in 2002, the Pensions Commission was revived by Keir Starmer last year amid fears over a burgeoning crisis for the economy, public finances, and the welfare of millions from chronic levels of under-saving for retirement.
• Publishing its highly awaited interim report, the commission said the lack of...