19 May 2026
Responding to the Pensions Commission’s interim report released today, Paul Sweeting FIA C.Act, President at the Institute and Faculty of Actuaries (IFoA), said:
“The Pensions Commission’s interim report delivers a clear urgent message: automatic enrolment has boosted participation, yet 15 million working-age adults are under-saving, risking inadequate retirement incomes. The IFoA strongly supports this assessment, which comes as no surprise. However, action to address this coming crisis is essential and overdue.
“The next phase of this work needs to address challenges set out in the report around contribution levels, risk-sharing, intergenerational fairness, and real-life disruptions. These often disproportionately impact the self-employed, low-earners and women dealing with career breaks for carers, maternity leave and moving from full time to part time work.
“It is important that, as with the Turner commission, industry, regulators and policy makers all engage to create a similar consensus to address the current under-saving by many. Through a multi-year effort the IFoA has analysed what pension gaps are, why they occur, and what can be done to help. This includes our most recent report containing recommendations on creating a pension system fit for the 21st century.
“This report is a timely wake up call. The IFoA is committed to working with the sector to bridge these gaps and build practical solutions. These include flexible auto enrolment, clear default decumulation pathways, and greater use of combined defined contribution (CDC) schemes for more stable outcomes, while protecting the pension system’s core strengths. But there is no escaping the fact that to achieve adequate incomes in retirement, people need to save more.”
~ENDS~
A pension system fit for the 21st century – the stories behind pension gaps. Institute and Faculty of Actuaries and Ipsos. September 2025.
How much could you lose? Opening the conversation on closing the pensions gap, Institute and Faculty of Actuaries. September 2024.
Hannah Patmore, Communications Manager, IFoA
Tel: 07519106714
Email: hannah.patmore@actuaries.org.uk
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