Last reviewed: 30 May 2026
Around 15 million UK working-age adults are projected to reach retirement without enough money to maintain a basic standard of living. The warning came on 28 May 2026 from Standard Life chief executive Andy Briggs, who said the Pension Commission report due in 2027 must lead to meaningful reforms rather than another round of inconclusive consultation.
The size of the problem
The 15 million figure is consistent with longer-term projections from the Pensions Policy Institute and the Institute for Fiscal Studies. Three structural factors drive the shortfall. First, auto-enrolment minimum contributions of 8 per cent of qualifying earnings (3 per cent employer, 5 per cent employee) are too low to fund retirement at current life expectancies. Second, around 14 million workers have multiple small pension pots from job changes that are easily lost. Third, the self-employed and gig economy workers are largely outside auto-enrolment entirely.
What the Pension Commission is reviewing
The Pension Commission was reconstituted by the government in 2025 with terms of reference covering adequacy, sustainability, fairness between generations, and the role of the State Pension. Its report is due in 2027. Industry voices including Standard Life, Scottish Widows and the Pensions and Lifetime Savings Association have used the consultation window to argue for higher auto-enrolment minimums, expansion to lower earners and the self-employed, and better consolidation of small pots.
What workers can do now
The State Pension provides a foundation of £241.30 a week for the full new State Pension from 12 April 2026 (£12,547.60 a year). The Pensions and Lifetime Savings Association's Retirement Living Standards estimate a minimum standard for a single person in 2026 at around £14,400 a year, moderate at £31,300, and comfortable at £43,100. The gap between the State Pension and even the minimum standard is around £2,000 a year, which must come from workplace or personal pensions.
Workers can check their progress by reviewing annual benefit statements from each pension provider, requesting a State Pension forecast from gov.uk, and using the Money and Pensions Service pension calculator to model retirement income.
The Pensions Dashboard delay
The Pensions Dashboard, intended to give every saver a single view of all their pots, is legally required to have every scheme connected by 31 October 2026. The Money and Pensions Service is conducting user testing. A public launch date has not been set. When live, the dashboard will reduce the risk of lost pension pots, currently estimated by the Pensions Policy Institute at more than £30 billion in aggregate value.
What employers are watching
Any rise in auto-enrolment minimum contributions raises the employer contribution as well. Industry consensus is that any change would be phased in over several years to manage the cost impact on employers. The Confederation of British Industry and the Institute of Directors have broadly welcomed the Pension Commission process while urging caution on speed of implementation.
Frequently Asked Questions
Am I one of the 15 million?
Working-age adults relying solely on the State Pension and auto-enrolment minimums at current rates typically fall short of even the PLSA minimum retirement living standard. A State Pension forecast and current pension statement give a personal picture.
What is the minimum I should be contributing?
There is no single figure. PLSA Retirement Living Standards suggest most workers need to save more than the 8 per cent auto-enrolment minimum to reach a moderate standard of living. Independent financial advice can model an individual target.
Will the State Pension be enough?
The full new State Pension from April 2026 is £241.30 a week. The PLSA estimates the minimum single-person standard at around £14,400 a year, leaving a gap that must be filled from other sources.
When will the Pension Commission report?
The Commission's terms of reference set out a 2027 reporting target. Industry submissions have already been made by Standard Life, Scottish Widows and others.
How We Verified
Andy Briggs's statement and the 15 million figure were sourced from Standard Life corporate communications on 28 May 2026. State Pension rates and dates were verified against DWP and gov.uk publications. Retirement living standards figures are from the Pensions and Lifetime Savings Association.
