“Our pension system today is the inevitable result of layers upon layers of individual policy decisions and interventions, some seeking to address adequacy, some affordability, some fairness and equality. And the time horizons in pensions policy are long.
“Decisions taken in one decade affect people in the decades to come. It has been twenty years since the last broad and strategic review of our pensions system, and over a decade since automatic enrolment was first introduced. Since then, it has become increasingly clear that the system is not meeting the needs of a significant proportion of future retirees,” the report added.
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alina.khan@ft.com
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