Making Money Can Labour Fix The UK’s Pension Crisis? Torsten Bell MP
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Nov 17, 2025 Torsten Bell, the Pensions Minister and former think-tank director, discusses the urgent need for reform in the UK pension system. He highlights that nearly 45% of working-age individuals save nothing for retirement. Bell advocates for the revival of the Pensions Commission to address gaps in current policies. He raises concerns over the challenges facing self-employed savers and the importance of diversifying pension investments. The conversation emphasizes enhancing retirement income security while navigating evolving state pension ages and long-term sustainability.
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Retirement Is A Core Social Progress
- Retirement availability transformed society and is as important as home ownership for social progress.
- Torsten Bell says progress was made with automatic enrolment but the job of finishing it remains.
Huge Coverage Gap Persists
- 45% of working-age people save nothing for retirement despite high auto-enrolment take-up among employees.
- Self-employed participation collapsed from ~50% to ~20%, creating a major coverage gap, Torsten warns.
Pots Don't Offer Reliable Retirement Income
- Defined contribution pots often lack safe, automatic ways to convert savings into retirement income.
- Torsten says this forces retirees into complex, risky decisions at the point they should be protected.