In this episode Jasmine sits down with former Pensions Minister Sir Steve Webb to unpack the UK state pension triple lock, the pensions crisis, retirement poverty, auto-enrolment and workplace pensions. We dig into whether Britain is living in a “fool’s paradise” on pensions, why 14
million workers are on track for a lower standard of living in retirement, and what happens if the government scraps or scales back the triple lock. Sir Steve explains the real numbers behind “under-saving”, what a rising state pension age means for your retirement plans, and how linking pensions to earnings or inflation could leave millions of pensioners poorer. We also discuss the gender pension gap, why women’s private pensions lag behind men’s, and how state pension reforms have changed
outcomes. We talk about auto-enrolment, workplace pension fees, master trusts and why charges are now much lower than they used to be. Steve shares his views on salary sacrifice cuts, the importance of policy stability for long-term investing, and why defaults often work better than “incentives” for most savers. Finally, we look at adult financial education, the lack of investment knowledge, the potential of pensions dashboards and apps, and practical ideas to help today’s pensioners access
support like pension credit and housing benefit.
