28 Jul 2025
The Institute for Fiscal Studies (IFS) has called for the government to take 'decisive action' to ensure the pension system is future-proofed for the next generation.
'Serious challenges' face the UK pension system, the IFS said, and 'substantial risks' exist in regard to the finances of future generations of pensioners.
The business group has outlined a handful of policy recommendations, including delivering a secure State Pension; boosting private pension saving in a targeted way; improving means-tested support; and helping people manage pension wealth in retirement.
Commenting on the matter, Paul Johnson, Director of the IFS, said: 'There is a risk that policymakers have become complacent when it comes to pensions. Without decisive action, too many of today's working-age population face lower living standards and greater financial insecurity through their retirement.
'Our recommendations give government a clear and affordable roadmap: shore up the state pension, help workers save more – but only in periods when they are better placed to do so – and help individuals to make the most of their pension pots through retirement.'