Are people saving enough into their pensions? | IFS Zooms In

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Since the introduction of auto-enrolment over 10 years ago, more people than ever are saving into a workplace pension than ever before. However, new research from the IFS shows that approximately 30% to 40% of private sector employees (5 to 7 million people) saving in defined contribution pension schemes are on course to have individual incomes that fall short of standard benchmarks in retirement.

What changes should government make to the auto-enrolment policy? How much do people need to save? What about self-employed people?

To answer these questions, Paul is joined by Jonathan Cribb and Carl Emmerson from the IFS.

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[00:00:00] Introduction: Self-Employed Pension Trends
[00:00:36] Live IFS Podcast Event
[00:02:00] Overview: Private Pensions Focus
[00:03:10] Why Private Pensions Matter
[00:04:00] Defined Benefit vs. Defined Contribution
[00:05:50] Key Differences in Pension Types
[00:08:10] Automatic Enrolment Explained
[00:10:00] Who Qualifies for Auto Enrolment?
[00:12:00] Is 8% Enough for Retirement?
[00:13:59] Measuring Pension Adequacy
[00:16:50] Improving Pension Savings: Recommendations
[00:18:50] Employer Contributions and Wages
[00:27:00] Pension Savings for the Self-Employed
[00:30:00] Encouraging Self-Employed Pension Savings
[00:36:20] Small Pension Pots: Consolidation
[00:37:30] Conclusion: Pension Challenges and Future Plans