According to a global study of retirement systems, the UK was ranked ninth in the Mercer CFA Institute Global Pension Index 2021. Commenting on the UK’s ranking, Jamie Jenkins, director of policy and external affairs at Royal London says:
“While auto-enrolment has been successful in elevating the level of savings in the UK, we can’t rest on our laurels. Much more needs to be done to broaden the scope of workplace savings and iron out the anomalies, especially for the self-employed, Implementing the recommendations from the 2017 auto-enrolment review will help, and our continuing work to help people who are self-employed will hopefully start to improve their levels of saving for retirement.
“Increasing overall savings levels is key, but also needs to be realistic and factor in the impact of the pandemic on employers’ and employees’ finances, especially as the hike in National Insurance will soon be felt by both groups.”
About Royal London
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £153 billion, 8.8 million policies in force and 4,075 employees. Figures quoted are as at 30 June 2021.