Revived commission to examine future of pensions

The government is resurrecting the Pensions Commission amid fears that a "retirement crisis" means today's workers will be poorer in retirement than current pensioners.

- Joanna Partridge

The move by ministers to revive the landmark commission established by Tony Blair's government in 2002 comes as analysis shows that the income of pensioners is on track to fall in the coming decades.

There are warnings that people who plan to retire in 2050 will receive £800 a year on average, or 8% less private pension income than those retiring today. Meanwhile, four in 10, or nearly 15 million people, are not saving enough for their retirement, according to analysis by the Department for Work and Pensions (DWP).

The revived Pensions Commission will examine the long-term future of the retirement system and make recommendations for change.

Liz Kendall, the work and pensions secretary, said she was relaunching the commission to "tackle the barriers that stop too many saving in the first place".