Jurisdiction(s):
United Kingdom

IFS: Incoming UK government must tackle state pension age and level, auto-enrolment contributions, self-employed saving and retirement drawdown—urgent policy choices beyond the triple lock

Published on: 12 June 2024

Published by a Law360 reporter

Legal News

Article summary

The IFS, in a report released on 7 June 2024, said the incoming pensions minister will need to take a series of weighty decisions on pensions policy after the forthcoming general election, covering matters such as the state pension age and whether British workers are putting aside enough for later life. Heidi Karjalainen, a senior research economist at the IFS and one of the report’s authors, said the minister will have ‘a substantial in-tray’ once the vote is over. Many of these issues arise because, in today’s pension landscape, individuals shoulder considerable risk and responsibility, Karjalainen noted. While that brings people greater flexibility, she cautioned that individual misfortune or poor choices — or, for some, simply failing to choose at all — can lead to serious negative outcomes, in a way that was far less common in the past...

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