Pensions
The question
To ask the Secretary of State for Work and Pensions, what assessment she has made of trends in the level of people receiving an adequate pension since 2019.
Answered by Torsten Bell
There are many ways of measuring of adequacy, such as Target Replacement Rates (TRR) or using minimum income standards such as the PLSA Retirement Living Standards.
DWP's latest estimates of undersaving for retirement showed around 4-in-10 working-age individuals were undersaving for retirement according to TRR levels and 1-in-10 working-age individuals were undersaving for retirement as measured by PLSA Minimum Retirement Living Standards. This is published here: Analysis of future pension incomes - GOV.UK.
Current pensioners have seen gross incomes increase over the last 10 years in real terms (a 4% increase from 2012/13 to 2022/23). This is available in Pensioners' Incomes: financial years ending 1995 to 2023 - GOV.UK. These statistics are published annually.
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