Report finds 45% of all UK adults, both in and out of work, are not saving into a pension pot at all, equivalent to 18 million people. A higher percentage of non-savers were those who were employed, with 47% not saving.

The government backed pension body, Pension Committee, published its interim report on the state of retirement saving in the UK.

The report stated: ‘Generous defined benefit (DB) provision has declined for those in work; defined contribution savings rates and pension pots remain too small for many to achieve adequate retirement incomes’.

On DB pensions, the report found although the schemes are ‘still providing pension income to some’, although the number of private sector DB schemes ‘continued to decline and now represent an ever-smaller percentage of pension provision’.

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