Royal London predicts 'death of retirement'

Steve Webb comments on auto-enrolment contributions

clock • 2 min read

People will be forced to work into their late 70s and beyond if they want to eventually achieve the same level of pension as their parents' generation, Royal London has said.

Its latest report, the Death of Retirement, looks at how long people will have to work to achieve a "good quality of life in retirement" if they only contribute 8% of salary as required by the government's auto-enrolment scheme. Royal London director of policy Steve Webb said: "Getting millions more people saving through automatic enrolment is a huge step forward, but many face a cruel disappointment if they think that current minimum contribution levels will deliver them the sort of retirement they are looking for. "Without significant increases in contributions, we could be witnessi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Pension transfers being 'unnecessarily' delayed due to scam warnings

Pension transfers being 'unnecessarily' delayed due to scam warnings

PensionBee argues there is ‘no clear correlation’ between the number of scam flags and the number of scams

Martin Richmond
clock 11 September 2025 • 3 min read
What is Reform UK's stance on pensions?

What is Reform UK's stance on pensions?

Reform UK recently held its 2025 conference at the NEC in Birmingham

Professional Adviser
clock 09 September 2025 • 5 min read
Could dashboards be the answer to Millennial pension apathy?

Could dashboards be the answer to Millennial pension apathy?

The dashboard rollout could be an inflection point

Paul Muir
clock 08 September 2025 • 4 min read