Is the nation retirement ready?

Frontier Economics has supported Scottish Widows to create a new National Retirement Forecast, a comprehensive analysis of factors impacting retirement preparations across the UK.

This innovative forecast utilises the retirement living standards set by the Pension and Lifetime Savings Association (PLSA) as a benchmark for evaluating the future lifestyle individuals can expect in retirement. It assesses the lifestyle people can expect based not only on their pension savings but also their wider savings behaviours, housing status and inheritance.

The analysis reveals that while many are on track for a comfortable retirement, over a third of individuals fall short of the minimum standard. Disparities exist among demographic groups, including women, the self-employed, underrepresented communities, individuals with disabilities, and LGBTQ+ individuals.

Pensions do remain central to retirement planning, with limited reliance on inheritance or personal savings.

The report acknowledges ongoing cost of living challenges, urging government action to address them and implement long-term reforms.

Some key findings include:

  • Two thirds of people are on track to meet at least a minimum lifestyle in retirement
  • One third of people risk falling below the threshold for a minimum retirement lifestyle
  • 59% of people are on track for private pension income
  • 11% of people expect inheritance to support their retirement
  • 30% expect to rent in retirement

Supporting the self-employed, closing gaps in employment and ensuring inclusive communications are among some of the recommendations to tackle the disparities in potential retirement outcomes.

Click here to read the full report.

For more information, please contact or call +44 (0) 20 7031 7000.