Government to conduct early review into state pension age
The government is required to conduct a review into the state pension age - currently 66 - every six years, but it appears to be starting this one earlier as the last one concluded in 2023.The review will consider whether the current state pension age is still appropriate, based on factors such as life expectancy.
The announcement comes following warnings from experts that people looking to retire in 2050 are on course to receive £800 per year less than current pensioners.
The Department for Work and Pensions (DWP) said 45% of working-age adults were putting nothing into their pensions, with concerns that the cost of living crisis is preventing people from investing in their retirement.
Liz Kendall she was "under no illusions" about how difficult it would be to map out plans for pensions for the coming decades, as the cost of living crisis continues to bite.
She said "many workers are more concerned about putting food on the table and keeping a roof over their heads than saving for a retirement that seems a long, long way away", and that many businesses "face huge challenges in keeping profitable and flexible in an increasingly uncertain world".
Giving a speech in west London, the work and pensions secretary also announced that she would revive the Pension Commission to consider why future pensioners are on track to be poorer than pensioners now.
"Just because pensioner poverty has fallen does not mean all the problems have gone away," she said.
"Far from it. Women who are now approaching retirement have half the private pension wealth of men, so the average woman in her late 50s can expect a private pension income of just over £100 a week, compared to £200 a week for men.
"Only one in five of the self-employed are saving into a private pension, down from half in the late 1990s, meaning over 3 million self-employed people aren't saving anything at all for their retirement."
The commission, which was first launched in 2002 under Sir Tony Blair's government, will look at such challenges and consider policy ideas such as lowering the age and earnings threshold at which people are brought into auto enrolment.
Read more:
Ms Kendall argued that young people in particular were struggling to invest in their retirement because of housing costs.
She said young people " haven't got a hope in hell of getting on the housing ladder" and were being "killed by rent" - which she said was driving a "tsunami of pensioner poverty".
"Put simply, unless we act, tomorrow's pensioners will be poorer than today's, because people who are saving aren't saving enough for their retirement," she said.
"And crucially, because almost half of the working age population isn't saving anything for their retirement at all."
The commission is expected to provide recommendations for how to boost retirement income in 2027.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
14 minutes ago
- Yahoo
Possible Increase in India's Sugar Exports Weighs on Prices
October NY world sugar #11 (SBV25) today is down -0.02 (-0.12%), and October London ICE white sugar #5 (SWV25) is down -0.50 (-0.11%). Sugar prices today extended this week's slide, with NY sugar posting a 2.5-week low and London sugar posting a 2-week low. Sugar prices are under pressure today due to speculation that India may boost its sugar exports after a Bloomberg report stated that India may permit local sugar mills to export sugar in the next season, which starts in October, as abundant monsoon rains may produce a bumper sugar crop. India's Meteorological Department reported Monday that cumulative monsoon rain in India is 6% above normal as of July 21. More News from Barchart Coffee Prices Rise on Frost Threats in Brazil Frost Threats in Brazil Push Coffee Prices Sharply Higher Signs of Weak Chocolate Demand Undercut Cocoa Prices Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! The outlook for higher sugar production in Brazil is also weighing on sugar prices. Datagro said Monday that dry weather in Brazil has encouraged the country's sugar mills to increase their cane crushing, diverting more of the cane crush toward more profitable sugar production rather than ethanol. According to Covrig, Brazil's sugar mills are expected to crush 54% of the available cane in the first half of this month, likely adding 3.2 MMT of sugar into the market. The outlook for higher sugar production in India, the world's second-largest producer, is bearish for prices. On June 2, India's National Federation of Cooperative Sugar Factories projected that India's 2025/26 sugar production would climb +19% y/y to 35 MMT, citing larger planted cane acreage. That would follow a -17.5% y/y decline in India's sugar production in 2024/25 to a 5-year low of 26.2 MMT, according to the Indian Sugar Mills Association (ISMA). Also, the ISMA reported on July 7 that India's sugar production during Oct 1-May 15 fell -17% y/y to 25.74 MMT. Sugar prices have retreated over the past three months, with NY sugar falling to a 4.25-year low earlier this month and London sugar sliding to a nearly 4-year low, driven by expectations of a sugar surplus in the 2025/26 season. On June 30, commodities trader Czarnikow projected a 7.5 MMT global sugar surplus for the 2025/26 season, the largest surplus in 8 years. On May 22, the USDA, in its biannual report, projected that global 2025/26 sugar production would increase by +4.7% y/y to a record 189.318 MMT, with global sugar ending stocks at 41.188 MMT, up 7.5% y/y. Last Friday, NY sugar posted a 1.5-month high and London sugar posted a 1.75-month high, driven by signs of stronger global sugar demand. China's June sugar imports soared by 1,435% to 420,000 MT. Also, President Trump last Wednesday said Coca-Cola agreed to use cane sugar in Coke beverages sold in the US instead of high-fructose corn syrup, which could boost US sugar consumption by +4.4% to 11.5 MMT from 11 MMT currently, according to Bloomberg Intelligence. Sugar prices also have support from reduced sugar production in Brazil. Unica reported last Monday that the cumulative 2025/26 Brazil Center-South sugar output through June fell by -14.3% y/y to 12.249 MMT. Last month, Conab, Brazil's government crop forecasting agency, said 2024/25 Brazil sugar production fell by -3.4% y/y to 44.118 MMT, citing lower sugarcane yields due to drought and excessive heat. The outlook for higher sugar production in Thailand is bearish for sugar prices. On May 2, Thailand's Office of the Cane and Sugar Board reported that Thailand's 2024/25 sugar production rose +14% y/y to 10.00 MMT. Thailand is the world's third-largest sugar producer and the second-largest exporter of sugar. The International Sugar Organization (ISO) raised its 2024/25 global sugar deficit forecast to a 9-year high of -5.47 MMT on May 15, up from a February forecast of -4.88 MMT. This indicates a tightening market following the 2023/24 global sugar surplus of 1.31 MMT. ISO also cut its 2024/25 global sugar production forecast to 174.8 MMT from a February forecast of 175.5 MMT. The USDA, in its bi-annual report released May 22, projected that global 2025/26 sugar production would climb +4.7% y/y to a record 189.318 MMT and that global 2025/26 human sugar consumption would increase +1.4% y/y to a record 177.921 MMT. The USDA also forecasted that 2025/26 global sugar ending stocks would climb +7.5% y/y to 41.188 MMT. The USDA's Foreign Agricultural Service (FAS) predicted that Brazil's 2025/26 sugar production would rise +2.3% y/y to a record 44.7 MMT FAS predicted that India's 2025/26 sugar production would rise +25% y/y to 35.3 MMT due to favorable monsoon rains and increased sugar acreage. FAS predicted that Thailand's 2025/26 sugar production will climb +2% y/y to 10.3 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
Gizmodo
15 minutes ago
- Gizmodo
This Unlocked Galaxy S24 FE Drops to an All-Time Low Just as Samsung Launches New Z Flip7 and Z Fold7
The joys of buying an unlocked smartphone are seriously underrated. There's the freedom of deciding which cellular carrier you want to take it to to set up your service, and once you haggle your way into an awesome monthly bill, there's the pleasure of seeing that total come without that installment plan that Big Cellular seems to always find a way to stick you with. When you cash in on Amazon's limited-time deal on an unlocked Samsung Galaxy S24 FE smartphone with 256GB of storage and Galaxy AI, you get the up-front savings — over $100 off its list price — and then every month you get the pleasure of not having to pay for the phone again, and again, and again. Do it once for $585 before this Amazon deal ends, and you'll never pay another nickel. See at Amazon Maybe you already knew that the FE part of the Samsung Galaxy S24 FE's name stands for 'Fan Edition.' But what does that mean? Samsung takes feedback from buyers and with each new generation of Galaxy S phones, they create an FE model packed with as many of the favorite features identified by customers as possible. Better still, Samsung ensures that their FE edition smartphones sit comfortably in that mid-range price tier, so they're also accessible. So what fan-favorite perks made it into the Galaxy S24 FE? The 6.7-inch FHD+ 1080p display is a good place to start. It has a fast 120Hz refresh rate and 1,900 nits of brightness, so when you're browsing through the photos and videos you shot with the 50MP dual pixel rear camera, they'll look incredible. There's the 11-plus-hour battery life and, of course, its perfect integration with the rest of the Samsung Galaxy device family. The Galaxy S24 family of phones were the first to feature Samsung's Galaxy AI, and it's another great perk of buying this unlocked model of the S24 FE from Amazon for only $585. Real-time translations in several languages, Instant Slo-Mo video playback, and even the Night Portrait feature that optimizes low-light photos and videos are all made possible by Galaxy AI, in addition to all of the questions and searches you can request via voice command. You don't need to ask Galaxy AI if this limited-time deal on an unlocked Samsung Galaxy S24 FE for just $585 is a worthy purchase. Grab one in one of four different colors and save 18% up front, and then enjoy your monthly cellular bill when it comes without installment payments. See at Amazon
Yahoo
19 minutes ago
- Yahoo
Magic EdTech Celebrates 35 Years of 'Digital Learning for Everyone'
NEW YORK, July 23, 2025 /CNW/ -- Magic EdTech, a pioneer in digital learning, proudly marks its 35th anniversary. Founded in 1989 with the clear mission of 'Digital Learning for Everyone', Magic EdTech has evolved from textbook digitization into a global force of more than 1,300 specialists across India, the US, and the UK—skilled at solving challenges for publishers, edtech companies, schools, and higher education institutions. A Vision Beyond Technology "Thirty-five years is more than a milestone. It's proof that when you put learners first, you stay relevant," said Acky Kamdar, CEO of Magic EdTech. "We've built products that evolve with the times, yet stay anchored in what matters: access, equity, and meaningful learning outcomes. At its core, Magic has focused on designing and building learning products & platforms that deliver better learning outcomes by effectively engineering technology." Over its 35 years, Magic leveraged technology only as a means to an end. As they saw several waves of technology come and go, the organization prides itself on staying true to its vision of putting learners first. Magic has successfully journeyed from launching its first interactive learning modules on CD-ROMs in the early 1990s to becoming a leader in cloud-based education. In 2014, Magic EdTech launched its flagship learning platform, MagicBox®, that serves over 7 million learners worldwide. Since then, MagicBox has been recognized as a G2 Grid® Leader, Publishing Software of the Year in 2024, and winner of Tech & Learning's Best of Show award at ISTELive 2025. Today, Magic is known as the market leader in Digital Accessibility services for the learning products and platforms, helping clients meet WCAG, ADA, and EAA standards at scale. Furthermore, as AI is becoming front and center of education, Magic partnered with technology giants like AWS and Google to deliver leading AI-based solutions and AI services to help clients stay relevant in hyper-competitive markets. Magic EdTech continues to offer a time-to-market advantage to clients through its out-of-the-box solutions, AI-based tech frameworks for Adaptive Assessments & Analytics, Data Management & Integration, GenAI Cloud Infrastructure Setup, Curriculum ID & Assessment Writing, and Translation Services. Magic has built long-term strategic relationships with several major players in the education sector. Their partners continue to outsource digital learning product and platform development to Magic as they discover emerging opportunities to serve their learners. "Magic prides itself in building a leadership team that inspires and motivates a large workforce of committed educators who serve and deliver on Digital Learning for Everyone. Our cultural fabric of bringing a growth mindset by innovating, collaborating, and celebrating has kept Magic EdTech at the forefront of building differentiated products and services, thus creating value for all of its stakeholders," commented Acky. Social Impact via Magic Pathshala Magic's CSR initiative, Magic Pathshala, is partnering with several NGOs, Public schools, and Foundations that are committed to providing education to children and communities who are underserved, esp. in India. It has already impacted over 2 million underserved learners through its partnerships. Besides engaging and working directly with NCR Delhi-based public schools, Magic has partnered with Lotus Petal Foundation, Just For Humanity, Udayan Care, Yuwa India Trust, and Khushi Foundation by Kapil Dev to expand its outreach into marginalized communities. About Magic EdTech Magic EdTech is a New York–based digital learning company with over 1,300 professionals globally. Magic provides end-to-end services in learning platform development, content engineering, accessibility, and AI enablement for edtech, publishing, K-12, higher education, and workforce learning. Logo: View original content: SOURCE Magic EdTech View original content:
