Don’t wait for the State – start saving or work into your 70s

As fears grow that the UK state pension age may rise faster than planned, the CEO of global financial advisory giant deVere Group has warned that saving for retirement is no longer optional – it’s a personal responsibility.

Ministers today launched a formal review into the pension age and revived the Pensions Commission to assess long-term affordability.

The move comes as nearly half of working-age adults in the UK are saving nothing at all for retirement, according to the Department for Work and Pensions.

Speaking on the developments, Nigel Green says: “The message from government today couldn’t be clearer: the state pension can’t carry us all. It was never meant to be the full solution. If you’re not saving for your future now, you’re putting your financial freedom at serious risk.”

The Office for Budget Responsibility has warned that the triple lock – which guarantees state pension payments rise by the highest of inflation, average earnings or 2.5% – could cost three times more than expected by 2030, due to Britain’s rapidly ageing population.

“We’re watching the pillars of retirement as we knew them creak under the pressure of demographics and cost. The state can’t keep up alone. That makes private saving not just wise, but essential.”

Currently, the state pension age is set to increase to 67 by 2028, and to 68 from 2044–46. But early findings from previous reviews have suggested this may need to happen sooner – and further increases to 69 or even 70 could follow within decades.

“The reality is this: younger generations can no longer rely on retiring at 65. If you’re in your 30s or 40s now, you could be working into your 70s unless you take control of your financial future. That starts with saving early, saving enough, and seeking advice.”

Auto-enrolment has improved workplace saving rates – with participation rising from 55% to 88% since 2012.

But 15 million people are still undersaving, especially among the self-employed, low earners, and minority groups. Women approaching retirement also face a gender pension gap that leaves them, on average, with half the pension income of men.

“This is a wake-up call for the millions still on the sidelines. Whatever your job, background or age – the earlier you start saving, the more options you’ll have later. It’s time to prioritise your pension just like your paycheck.”

The government’s new commission will report in 2027, but final decisions on any changes may not arrive until after the next general election – leaving a window of uncertainty for individuals planning their futures.

“Don’t wait for Whitehall to decide your fate. Pension policy may change, but personal action can’t wait. Take advice. Review your contributions. And above all, don’t delay. Time is your biggest ally when it comes to retirement.

“Retirement is not a deadline – it’s a destination. The sooner you start walking toward it, the better your journey will be.”

Nigel Green is urging individuals of all ages to act now by reviewing their savings habits, speaking with financial professionals, and setting clear goals for the retirement lifestyle they want to secure.

“Whatever the government ultimately decides, one thing is certain: you are responsible for your financial future. That’s the real pension revolution.”