A looming retirement crisis: Why now is the time to review your pension plans
A recent government announcement has reignited national concern about the future of retirement in the UK. By reviving the original Pensions Commission, the government acknowledges growing fears that future generations may retire with significantly less financial security than today’s pensioners.
Key highlights
- A predicted decline in private pension income by 2050, with average incomes falling by around £800 annually.
- Almost half of working-age individuals are currently not contributing to any form of pension.
- Groups such as self-employed workers, low-income earners, women, and ethnic minorities face a heightened risk of pension poverty.
- A persistent gender pension gap, with women approaching retirement receiving thousands less per year than their male counterparts.
- These insights form part of the early analysis driving the newly formed Pensions Commission, which is tasked with evaluating how the UK’s pension system can be improved to deliver long-term retirement stability.
Why this matters for you
From a financial planning point of view, this report underlines the critical importance of reviewing pension arrangements, and doing so sooner rather than later.
In today’s uncertain climate, relying solely on workplace pensions or the State Pension is unlikely to provide a comfortable retirement. The statistics highlight a pressing need for individuals to take proactive control of their long-term financial wellbeing.
How we can help: Retirement planning that puts you first
At Azets Wealth Management, our financial planners have deep experience in supporting individuals to plan for retirement with clarity and confidence.
Our services include:
Personalised pension reviews
We assess your current retirement provisions, including all pensions, ISAs, and other assets, to identify whether you're on track.
Cashflow modelling
Using realistic assumptions, we forecast your future financial position to help determine if your current savings and investment strategies will meet your retirement goals.
Tailored advice & adjustments
Whether it's increasing contributions, consolidating pensions, or adjusting your investment approach, we offer actionable recommendations to help close any future shortfall.
Regular reviews
Life and legislation change. We stay connected with you, reviewing your plan regularly and keeping your goals aligned with your evolving circumstances.
What should you do next?
If you’re unsure whether your pension savings will provide the income you need in retirement, now is the ideal time to take stock.
Our retirement planning experts are here to help you:
- Understand where you currently stand.
- Identify any gaps between your savings and your retirement goals.
- Create a strategy that puts you in control of your financial future.
The government’s renewed focus on pensions signals long-term structural challenges. Many people are not saving enough, and the risks of under-preparedness are growing.
Get in touch today to schedule your retirement review and take the next step towards financial peace of mind.
Source: GOV.uk – Press release 21/07/2025