Sir Stephen Timms MP: Who’s responsible for retirement?

Sir Stephen Timms, MP, chair of the Work and Pensions Select Committee, says the state, employers and individuals need to work together to support retirement.

At REBA’s Future of Pensions Summit on 21^st September 2023, Sir Stephen Timms, spoke about how the state, employers and individuals need to work together to support retirement.

He said the Work and Pensions Select Committee's inquiry into saving for later life, published in September 2022 “found that auto-enrolment has been a resounding success.”

“It’s great that so many people are now saving for retirement. The problem is that they are not saving enough and many people simply don’t know that. We heard in our inquiry about an impending crisis when people realise they are not saving enough for the kind of income that they want in their retirement.”

Watch the video to find out more about Sir Stephen’s perspectives on how to support savers as they approach retirement, new approaches to fairness, and what needs to be done to make sure people have enough to live on when they retire.