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The default solution to a pensions crisis?

The Government has recently legislated radical private pension reforms that will lead to the majority of employees being enrolled automatically into a private pension and in some cases into a new 'Personal Account'.

A new report funded by the IFS retirement savings consortium and written by IFS researchers Carl Emmerson and Matthew Wakefield addresses the following issues:

  • What scope is there for increasing private pension coverage in the UK, and what are the earnings and other financial circumstances of those not currently contributing to a private pension?
  • Would an increase in private pension coverage be associated with increased overall saving? Or might individuals brought into private pensions be able to reduce the amounts they hold in liquid savings or investments, or to increase their debts?
  • How many individuals might be defaulted into the new Personal Accounts in any one year and over a longer five-year horizon? How much might they contribute, and would many have chosen to save in a private pension anyway?

This report will be launched on Monday 15 June at the IFS offices in Ridgmount Street, London. The briefing will start at 11:00 and is expected to conclude by 13.00.

Places at this briefing are free of charge and will be allocated on a first-come first-served basis.

Find out more

Report
This Commentary provides an assessment of the number of individuals likely to be affected by forthcoming reforms to private pensions.
This project investigates the nature of retirement saving. In particular we make use of individual and household level data on patterns of saving and savings.