The new Pensions Commission aims to finish what Turner, Drake, and Hill started. Its scope focuses on adequacy, fairness, and risk. But, it misses a recognition of how people move through working life and into retirement. The Commission identifies system-level challenges, but does not fully account for how individual experience shapes pension outcomes over time.
Beginning in early adulthood, when pension saving is meant to start, many people are in low-paid or insecure work, or holding multiple jobs. As a result, they often fall outside the scope of automatic enrolment. The report notes some of these gaps but does not explore how fragmented work patterns make it harder to build savings.
In midlife, some people leave work temporarily to care for others or manage health issues. These breaks can affect long-term savings, especially for those already facing barriers to stable work. The Commission highlights the gender pensions gap, but says little about ethnicity, disability, or unpaid care, or how these factors combine to shape outcomes.
These overlapping disadvantages matter. A woman with caring responsibilities who also has a health condition may face repeated breaks in employment, leading to lower earnings and savings over time. If she is also from a minority ethnic group, she may encounter further barriers such as discrimination or lack of access to support. Without an intersectional lens, it is difficult to see how these factors interact to widen pension gaps and limit financial security in later life.
Retirement is no longer a single point in time. Many people reduce their hours, return to work, or combine employment with ongoing care. Yet policy still assumes a clear break between work and retirement, with little reflection of how people manage that shift.
In later life, decisions about using pension savings become harder. The Commission recognises the risks but does not focus on the help people may need to manage those choices, especially if they lose capacity or confidence. There is also little discussion of housing, despite its central role in shaping financial outcomes in retirement. People who rent privately often face rising costs and insecurity, with little protection as they age. Housing tenure affects how far pension income can stretch, whether people can remain in their communities, and how resilient they are to later life shocks.
The Commission has made a useful start. But to design a system that supports people through life, it needs to reflect the full picture. That means looking beyond income and contribution rates, and recognising the changing patterns of work, health, care, and family life. Otherwise, we risk designing policies for a working-life and retirement that few people will experience.
Leave a Reply