Challenges for the private pension system in the UK and policy proposals to address them

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<title>Challenges for the private pension system in the UK and policy proposals to address them</title>
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<abstract displayLabel="Summary">The article examines the main challenges facing the UK private pension system, which increasingly relies on defined contribution schemes. It identifies three key problems: low participation of employees and the self-employed in private pension plans, insufficient contribution rates leading to inadequate retirement incomes, and complex decision-making regarding the management of savings during the decumulation phase. The article proposes four measures: progressively increasing default minimum contribution rates with income, introducing a mandatory minimum employer contribution, facilitating saving for the self-employed through the tax system, and guiding individuals toward products that include partial annuities at older ages. These reforms aim to improve the adequacy of retirement income and reduce longevity risk</abstract>
<note type="statement of responsibility">Jonathan Cribb; Heidi Karjalainen and Laurence O'Brien</note>
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<topic>Planes de pensiones</topic>
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<topic>Previsión social</topic>
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<topic>Jubilación</topic>
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<geographic>Reino Unido</geographic>
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<url displayLabel="electronic resource" usage="primary display">https://doi.org/10.1016/j.jeoa.2026.100637</url>
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<title>The Journal of the economics of ageing</title>
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<publisher>Oxford : Elsevier ScienceDirect, 2021-</publisher>
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<text>13/04/2026 Volumen 34 - 2026 </text>
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