The Future of Financial Services APPG, which Barndoor Strategy provides the Secretariat for, has published its latest report on the topic of Income in Retirement.

The cross-party group of MPs and Peers has called for the creation of a National Insurance Day to boost public understanding of pensions and encourage earlier retirement saving, warning that too many people are not adequately preparing for later life. The recommendation follows the Group’s inquiry into Income in Retirement, which identified low levels of engagement with pensions as a major barrier to achieving financial security in retirement.

The report also calls for pensions education to be included in the National Curriculum, a pensions dashboard for workers receiving their National Insurance number, a Royal Commission on dignity in retirement, reforms to strengthen auto-enrolment, clearer pathways to adequate retirement income in defined contribution schemes, and a government-backed drive to increase Pension Credit take-up.

Commenting on the report, Peter Bedford MP, Co-Chair of the Future of Financial Services APPG said:

“The stark reality is that too many people are not saving enough for retirement. The evidence we heard was a wake-up call, revealing just how little engagement many people have with their pensions. Alongside my work on the Pensions Schemes Bill, this inquiry reinforced a simple truth: one of the biggest challenges facing our pensions system is a lack of public understanding.

“If people are to achieve the retirement they expect, they need to start saving earlier and save more. But that will not happen on its own. We need a step change in pensions awareness, with government taking a proactive role throughout people’s working lives. That is why we are calling for practical reforms that help people understand their pensions, plan ahead and build greater financial security in retirement.”

Lord Sharkey, Co-Chair of the Future of Financial Services APPG added:

“Too many people are approaching retirement without a clear picture of the income they are likely to have in later life. The evidence we received showed that, for many, pensions remain something they engage with too little and too late.

“Our recommendations are designed to create a culture in which retirement planning becomes a normal part of working life. From better financial education to clearer information and stronger support, we need to equip people with the knowledge and tools to make informed decisions about their future. Retirement security should not be left to chance.”

You can read the full report on the APPG website here.

If you want to learn more about the APPG and the work Barndoor Strategy does as Secretariat, please contact us here.