Are you worried about being worse off in retirement than pensioners today? Have your say
The DWP said on Monday that an analysis showed four in 10, or nearly 15 million people, were under saving for retirement.
In fact, 45% of working age adults are saving nothing at all into a pension, the DWP said, highlighting that lower earners, the self-employed and some ethnic minorities were particularly at risk. Indeed, more than three million self-employed workers are not saving into a pension, while just a quarter of low earners in the private sector are doing so.
The DWP also said that just a quarter of people from a Pakistani or Bangladeshi background are saving into a pension.
In addition, it added that the new analysis revealed a "stark" 48% gender gap in private pensions wealth. It said that a woman currently approaching retirement could typically expect to have private pension income worth over £5,000 less than that of a typical man.
The findings came in an announcement on Monday that government was reviving the Pensions Commission to "examine why tomorrow's pensioners are on track to be poorer than today's and make recommendations for change".
Read more: How to build passive income
The Pensions Commission was a body originally set up in 2002 under the government of then-Labour prime minister Tony Blair. The commission last met in 2006 and its work led to the rollout of auto-enrolment into pension saving, which began in 2012. This policy has meant that 88% of eligible employees are now saving into a pension, up from 55% in 2012.
The DWP said that the relaunched Pensions Commission will "explore the complex barriers stopping people from saving enough for retirement", with its final report due out in 2027.
UK work and pensions secretary Liz Kendall said: "People deserve to know that they will have a decent income in retirement – with all the security, dignity and freedom that brings. But the truth is, that is not the reality facing many people, especially if you're low paid, or self-employed.
"The Pensions Commission laid the groundwork, and now, two decades later, we are reviving it to tackle the barriers that stop too many saving in the first place."
Jordan Clark, financial planner at Quilter, said: "People need to make sure they plan their finances before it is too late and give themselves enough time to rectify potential missed opportunities and mistakes from the past. Clearly there is a desire from people to glide smoothly into retirement, but without a pension pot set up to do this, it simply won't be possible."
"The working-age population needs to be prepared to work later into life, with adequate private pension provision being the only route to avoiding this. There is a real need for bold and innovative solutions to the problems faced, and arguably speed is of the essence."
Are you concerned about being worse off in retirement than pensioners today? Vote in the poll below.
Yahoo UK's poll of the week lets you vote and indicate your strength of feeling on one of the week's hot topics. After the poll closes, we'll publish and analyse the results each Friday, giving readers the chance to see how polarising a topic has become and if their view chimes with other Yahoo UK readers.
Read more:
Stocks to watch this week: Tesla, Alphabet, Intel, Lloyds and JD Wetherspoon
Average UK house asking price drops by almost £5,000
Jobs data increases odds on Bank of England interest rate cut
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
SIKA ACHIEVES GLOBAL GROWTH OF 1.6% IN LOCAL CURRENCIES AND EXPANDS ITS PROFIT MARGIN
Ad Hoc announcement pursuant to Article 53 of the Listing Rules of the SIX Exchange Regulation SIKA ACHIEVES GLOBAL GROWTH OF 1.6% IN LOCAL CURRENCIES AND EXPANDS ITS PROFIT MARGIN Sales of CHF 5,676.4 million (previous year: CHF 5,834.8 million) in first half of the year 1.6% sales increase in local currencies, with 0.6% attributable to organic growth and 1.0% to acquisition effect Weaker US dollar predominantly responsible for high foreign currency impact of -4.3% Material margin at a consistently high level of 55.1% (previous year: 55.1%) EBITDA margin increased to 18.9% (previous year: 18.7%), supported by strong synergy momentum; raised MBCC synergy targets for 2025 and 2026 by CHF 20 million Targeted investments in future growth: Strategic acquisition of Elmich (Singapore), Cromar (UK), HPS (USA), and Gulf Additive (Qatar) Global production capacity expanded with new factories in Singapore, Xi'an and Suzhou (China), Quito (Ecuador), Ust-Kamenogorsk (Kazakhstan), Belo Horizonte (Brazil), and Agadir (Morocco) Outlook for the 2025 business year: Amid uncertain market development, Sika will continue to grow above the market and is focusing on margin improvement Modest sales increase in local currencies expected for the full year Over-proportional EBITDA increase and EBITDA margin of between 19.5% and 19.8% Strategic medium-term targets for sustainable, profitable growth confirmed for 2028 Despite a challenging economic environment, Sika continued to grow in local currencies in the first half of 2025, achieving a year-over-year increase in its profit margin at EBITDA level. However, the weaker US dollar, which lost 10% against the Swiss franc in the second quarter, as well as ongoing uncertainties on the global markets, had an impact on the results. Thomas Hasler, CEO: 'In a challenging market environment, we once again outpaced the industry trend and continued to gain market share. Our position is especially strong in the project and infrastructure sector, which encompasses forward-looking and high-growth segments. This includes the global expansion of building structures related to artificial intelligence and digital infrastructure. With more than 1,000 data centers built using our technologies to date and a strong project pipeline, Sika has established itself as a preferred partner to technology leaders. Together with our customers around the world, we shape the digital infrastructure of the future.' INCREASE IN EBITDA MARGIN AND RAISED TARGETS FOR MBCC SYNERGIESSika increased its sales in local currencies by 1.6% in the first half of 2025. The foreign currency effect amounted to -4.3%, primarily due to the weakness of the US dollar. As a result, Sika generated sales in Swiss francs of CHF 5.68 billion (previous year: CHF 5.83 billion). In a contracting overall market, Sika managed to achieve positive organic growth of 0.6%. At 55.1%, the material margin was kept at a consistently high level (previous year: 55.1%). The EBITDA margin increased to 18.9% (previous year: 18.7%) against the backdrop of stable input costs, additional efficiency gains, and strong synergy momentum. The MBCC synergy targets were raised by CHF 20 million (new target 2025: CHF 160-180 million, new target 2026: CHF 200-220 million). Operating profit before depreciation and amortization (EBITDA) reached CHF 1,070.4 million in the first half of the year, down slightly compared to the previous year due to strong foreign currency effects. In line with the multi-year average, but lower than the exceptionally high previous year, Sika's operating free cash flow came in at CHF 181.9 million (previous year: CHF 401.3 million). The reduction is due to an increase in net working capital and unfavorable currency development as well as higher investments in future growth. The majority of operating free cash flow is generated in the second half of the year and will be supported by Group-wide net working capital initiatives. INVESTMENTS DRIVING FURTHER GROWTHSika made targeted investments in the first half of 2025 to strengthen its global market position, acquiring four companies and commissioning seven new plants. With more than 400 production sites in 102 countries, the company has an extensive global manufacturing network, producing its cutting-edge technologies locally. Sika is therefore largely unaffected by trade tariffs and can reliably supply its customers, even in challenging market conditions. All regions outperformed their markets. Investments were made around the world – both in bolt-on acquisitions and in the expansion of production capacities to support future growth. One strategically important step was the minority stake in Giatec™ Scientific Inc., a Canada-based global leader in digital concrete technologies. Specializing in smart testing methods and AI-powered solutions, Giatec develops innovative sensors, software solutions, and data analytics tools to optimize concrete quality, durability, and sustainability – from production and transportation to placement at the construction site plus the later monitoring of the structures. GLOBAL MARKET SHARE GAINS AND SLIGHT RECOVERY IN EMEAThe first half of the year showed a slight recovery in the construction markets of the largest region, EMEA (Europe, Middle East, Africa), with growth of 3.1% in local currencies in the second quarter (first quarter: 0.7%). For the whole reporting period, sales growth in local currencies amounted to 1.9% (previous year: 13.5%). Sika recorded significant double-digit sales increases in the Middle East and Africa. Construction markets are also showing the first signs of a recovery in Eastern Europe. In Germany, Sika's strong sales organization is perfectly positioned to benefit from the government's recently approved infrastructure program. This package provides for EUR 500 billion to be invested in the modernization and expansion of the national infrastructure over a ten-year period. Sales in the Americas region increased by 3.5% in local currencies (previous year: 15.1%). After a good start to the fiscal year, the mixed signals in US trade policy unsettled many market participants, which also somewhat slowed the market momentum. While this caused Sika's growth in the USA and Mexico to weaken, the positive growth momentum of the previous year continued in Latin America. Investments in data centers and government-subsidized infrastructure and commercial construction projects supported the development of the US construction market. Thanks to Sika's local presence – with nearly 100% of its products and solutions sold in the US also manufactured in-country – and its market leadership in the renovation segment, Sika succeeded in outperforming the overall market in this challenging environment. Local currency sales in the Asia/Pacific region declined slightly by -1.7% in the first half of the year (previous year: 8.0%). This result is mainly attributable to the challenging, deflationary market environment in the Chinese construction sector, for which Sika is focusing on protecting its margins and driving efficiencies. Excluding the negative development in China, Sika would have achieved positive low-single-digit growth in the region. Market development for Sika was particularly dynamic in India and Southeast Asia as well as in the Automotive & Industry segment, where the company was able to further expand the share of its technologies in vehicles from both local and international manufacturers. OUTLOOK Amid uncertain market development, arising in particular as a result of ongoing trade conflicts, Sika will continue to grow above the market and focus on margin improvement. For the 2025 business year, Sika expects a modest sales increase in local currencies. The company continues to expect an over-proportional increase in EBITDA and an EBITDA margin of between 19.5% and 19.8%. Sika is confirming its strategic medium-term targets for 2028 for sustainable, profitable growth. KEY FIGURES FIRST HALF OF 2025 in CHF million 1/1/2024 – 6/30/2024 1/1/2025 – 6/30/2025 Change in % Net sales 5,834.8 5,676.4 -2.7 Gross result 3,217.6 3,129.1 -2.8 Operating profit before depreciation (EBITDA) 1,092.9 1,070.4 -2.1 Operating profit (EBIT) 822.2 798.1 -2.9 Profit after taxes 577.1 554.4 -3.9 Basic earnings per share (in CHF) 3.59 3.45 -3.9 Diluted earnings per share (in CHF) 3.59 3.45 -3.9 Operating free cash flow 401.3 181.9 -54.7 Balance sheet total1 15,977.2 15,393.3 Shareholders' equity1 7,046.8 6,186.1 Equity ratio in %1,2 44.1 40.2 Return on capital employed (ROCE)in %3 13.4 13.5 1 As of December 31, 2024 / June 30, 2025. 2 Shareholders' equity divided by balance sheet total. 3 Capital employed = current assets, PPE, intangible assets less cash and cash equivalents, current securities, current liabilities (excluding bank loans and bonds). NET SALES BY REGION in CHF million 1/1/2024 – 6/30/2024 1/1/2025 – 6/30/2025 Change compared to previous year(+/- in %) In Swiss francs In local currencies Currencyimpact Acquisitioneffect By region EMEA 2,565.3 2,527.7 -1.5 1.9 -3.4 0.5 Americas 2,045.1 1,984.4 -3.0 3.5 -6.5 2.2 Asia/Pacific 1,224.4 1,164.3 -4.9 -1.7 -3.2 0.4 Net sales 5,834.8 5,676.4 -2.7 1.6 -4.3 1.0 Products for construction industry 4,949.6 4,821.7 -2.6 1.9 -4.5 1.2 Products for industrial manufacturing 885.2 854.7 -3.4 0.3 -3.7 0.0 Webcast on July 29, 2025, at 3:00 p.m. (CEST) A webcast will be held today in connection with the publication of the half-year results. Click this link to join the webcast with Thomas Hasler (CEO), Adrian Widmer (CFO), Dominik Slappnig (Head Corporate Communications & IR), and Christine Kukan (Head Investor Relations). A recording of the webcast will be made available on the Sika website in the 'Investors' area. FINANCIAL CALENDAR Result first nine months 2025 Friday, October 24, 2025 Net sales 2025 Tuesday, January 13, 2026 Media conference / analyst presentationon full-year results 2025 Friday, February 20, 2026 58th Annual General Meeting Tuesday, March 24, 2026 Net sales first quarter 2026 Tuesday, April 14, 2026 Half-year report 2026 Tuesday, July 28, 2026 SIKA CORPORATE PROFILESika is a specialty chemicals company with a globally leading position in the development and production of systems and products for bonding, sealing, damping, reinforcing, and protection in the building sector and industrial manufacturing. Sika has subsidiaries in 102 countries around the world and, in over 400 factories, produces innovative technologies for customers worldwide. In doing so, it plays a crucial role in enabling the transformation of the construction and transportation sector toward greater environmental compatibility. With more than 34,000 employees, the company generated sales of CHF 11.76 billion in 2024. CONTACTDominik SlappnigCorporate Communications &Investor Relations+41 58 436 68 The media release can be downloaded from the following link:Media Release
Yahoo
36 minutes ago
- Yahoo
Plan to build new motorway services area beside M27
Planners are being urged to approve a multi-million-pound proposal to build a new motorway services area on the M27. Welcome Break Group has submitted an outline application to transform more than 30 acres of farmland land next to junction 11 at Fareham. The huge scheme incudes several food and drink outlets and almost 550 parking spaces, plus a children's play area and a dog walking zone. A planning statement that accompanies the application cites the current shortage of facilities for drivers in the region. "The absence of roadside service provision means the nationally prescribed safety and welfare provision for motorway/trunk road users is not being met." Drivers on the M27 will be provided with a new motorway service area if the scheme is approved (Image: Newsquest) The statement says the proposed development would create about 276 jobs once it was fully operational. "A further 27-28 jobs are likely to be created or supported by indirect or induced expenditure - services bought-in to the application site, or spending outside the site by employees." Citing the potential benefits of the scheme it adds: "The application should be approved without delay." READ MORE: M27 speed cameras: New 50mph sped limit will last until the end of 2025 Welcome has chosen a site on the northern side of the motorway next to the eastbound carriageway, but says the service area would also be accessible by westbound traffic. The main building would deliver a raft of facilities including shops, toilets, and showers. A petrol station and a drive-thru coffee shop are also planned. An aerial view of the proposed site, which is next to junction 11 of the M27 near Fareham (Image: Welcome Break/Google Earth) A design and access statement says the scheme would help meet the safety and welfare needs of motorists using the M27 and connecting roads. "The proposal would provide multiple food and drink offers and parking and fuelling facilities for both light vehicles and HGVs. Importantly, it would also offer much needed EV charging infrastructure." Jobs would be created both during the construction and operational phases of the project. READ MORE: Developer aims to transform Windhover Roundabout site next to M27 The planned development includes more than 50 EV charging points, plus 16 parking spaces for caravans, 16 for motorcycles, and 53 for HGVs. The scheme would also deliver seven coach bays. Apart from an isolated property at Boarhunt Road, the nearest homes are said to be 320 metres away at Downend Road. If the application is approved by Fareham Borough Council, a more detailed proposal would also have to be given the green light before work could start.
Bloomberg
an hour ago
- Bloomberg
Why Is Trump Pressuring Russia to End the Ukraine War?
Balance of Power Wendy Sherman, Senior Fellow at the Harvard Belfer Center and Former Deputy Secretary of State under the Biden Administration, discusses President Trump suggesting he will shorten his deadline with Russian President Putin to end the war with Ukraine and what conversations did Trump have with UK Prime Minister Starmer and President of the European Commission, Ursula Von Der Leyen, that led to this decision. Wendy speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg's "Balance of Power." (Source: Bloomberg)
