Pensions timebomb is ticking

THE STATE pension is back in the headlines this week after Work and Pensions Secretary Liz Kendall announced a fresh review of the state pension age during a speech in west London last Monday. With the next increase from 66 to 67 due next year, and a further rise to 68 planned for 2044, questions are mounting over whether the timeline still fits the nation's needs. The fast-growing costs of the state pension, driven largely by an ageing population, have led experts to question whether it's sustainable.

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Alongside this, Ms Kendall unveiled the revival of the Pensions Commission, tasking it with finding ways to help people build larger retirement pots. The move comes amid mounting evidence that millions could fall short of what they need.

According to new Department for Work and Pensions (DWP) research, 45% of working-age adults aren't saving anything into a pension, while an estimated 15 million Britons are "undersaving".

The self-employed, low-paid, and some ethnic minority groups are among those most at risk.