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  "path": "/money/pension-retiree-poverty-later-life",
  "publishedAt": "2026-05-12T23:01:02.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "DWP increases benefits paid to husbands with two or more wives",
    "State pensioners to receive automatic £200 payments as DWP confirms eligibility rules",
    "DWP explains why some Universal Credit claimants face waiting until June for payment rise",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nA new report from Scottish Widows estimates that approximately 12.2 million UK adults face the prospect of being unable to meet their fundamental financial requirements during retirement.\n\nThe figures represent a notable improvement on last year's assessment, which suggested 15.3 million people were falling short of even minimum retirement standards.\n\n###\n\n\n\n\nNon-pension savers have benefited from modest wage increases, higher levels of savings outside pension schemes, and greater rates of homeownership.\n\nReduced energy costs have additionally lowered the threshold for household living expenses, though researchers warned that global developments pushing energy prices upward could quickly reverse these gains.\n\n###\n\n\n\n\n###\n\n\n\n\nThe forecast, based on a YouGov survey of roughly 6,000 people conducted in February, assessed retirement prospects for individuals aged 22 to 65.\n\nCertain demographic groups face significantly higher risks of retirement poverty, the report revealed. Among full-time employees, fewer than one in five are projected to experience pension poverty.\n\nHowever, the outlook is considerably bleaker for those in part-time work or running their own businesses, with more than a third facing retirement incomes below minimum standards.\n\nThe report noted: \"While increases to contribution levels under automatic enrolment can reduce pension poverty, it's important to remember that those self-employed and those that work part-time jobs below the earnings threshold are not currently automatically enrolled.\"\n\n###\n\n\n\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * DWP increases benefits paid to husbands with two or more wives\n  * State pensioners to receive automatic £200 payments as DWP confirms eligibility rules\n  * DWP explains why some Universal Credit claimants face waiting until June for payment rise\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nPeople living with physical or mental health conditions affecting their daily lives are particularly vulnerable, with half facing pension poverty.\n\nPete Glancy, head of pension policy at Scottish Widows, said: \"This report paints a complex picture. While the fall in pension poverty compared to a year ago is a step in the right direction, this shift in retirement fortunes is complex and the current state of the nation's savings is still polarised.\"\n\nHe cautioned that controllable factors such as savings rates and expected retirement income can be derailed by external pressures including rising energy and living costs.\n\nScottish Widows has called for the statutory workplace pension contribution rate under automatic enrolment to be raised from eight per cent to 12 per cent. The organisation also advocates establishing an auto-enrolment equivalent for self-employed workers.\n\n###\n\n\n\n\n###\n\n\n\n\nMr Glancy added: \"Most people are unlikely to have enough in their pension pots alone to fund their desired retirement, so pensions can no longer be viewed in isolation.\"\n\nHelen McGinty, head of financial advice distribution at Skipton Building Society, said: \"The earlier you start planning, the more options and flexibility you'll have later on.\"\n\nA Department for Work and Pensions (DWP) spokesperson said the Pensions Commission is currently exploring ways to secure retirements for future pensioners.\n\nThe recently enacted Pension Schemes Act is expected to deliver major reforms benefiting millions of workers by up to £29,000 by retirement.\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards: The GB News Editorial Charter**",
  "title": "Pension disaster as 12 million retirees face poverty in later life, shocking research finds"
}