UK body reviewing private pensions and long-term savings
A government-backed pensions commission has warned that millions of Britons are not saving enough for retirement, risking a sharp drop in living standards for tomorrow’s pensioners. The interim report highlights a gender gap and a looming balance between state, auto-enrolment and private savings. A final set of recommendations is due next year.
Ofgem has confirmed the energy price cap will increase by 13% from July, pushing typical annual bills to £1,862. The shift is driven by higher wholesale gas prices amid the Middle East conflict. About 40% of accounts are on fixed tariffs and are unaffected. Households are advised to consider fixed deals and smart-meter off-peak pricing.
A wave of reports shows Americans fear retirement costs more than ever. Americans expect to need around $1.2 million, yet many anticipate less than $500,000. Rising healthcare, housing, and living costs are tapping retirement savings, while Social Security faces long-term solvency risks. Early and consistent saving, plus strategy adjustments, are being emphasized.
Civil service pension delays under Capita have prompted the government to consider bringing the scheme back in-house. Recipients face arrears and hardship as Capita works to clear a backlog, with auditors deployed and a long-term insourcing strategy underway.