Pensions Minister, Torsten Bell, has described pension saving rates among the self-employed as a "catastrophe", warning that further reform is needed to build on the success of automatic enrolment.

Speaking at The Investing and Saving Alliance (TISA) Annual Retirement Conference 2026, Bell noted that pension participation among eligible workers had increased from around 55 per cent in 2012 to almost 90 per cent today, describing this as a "total triumph".

However, he warned that this headline figure masks significant gaps in pension coverage, including among lower earners, younger workers and the self-employed.

"If I just look at the whole working-age adult population, the number is only 55 per cent. So only half are actually saving into a pension," he said.

In particular, Bell stressed that pension saving among the self-employed had seen a "complete decimation", falling from around half of self-employed workers to less than a fifth in aggregate.

"If I just look at the ones we're most worried about, who just have self-employment income... 4 per cent are now saving into a pension," he said. "It's a catastrophe."

With this in mind, Bell confirmed the government is seeking to address wider adequacy concerns through the Pensions Commission, which is expected to publish its final recommendations in early 2027.

"On current projections, if you're a retiree in 2050, you will have a lower income than a retiree now," he warned.

"Our job is to make sure that we've put in place a pension system that builds on the success of automatic enrolment."

The Pensions Minister also pointed to the reforms in the Pension Schemes Act, including measures to drive consolidation in the defined contribution market and introduce guided retirement solutions.

He said the aim was to ensure savers receive good returns during accumulation and "something that looks at least approximately like a pension" at retirement.

"We have basically forced the British public into saving for pensions - it is our job to make sure they get good returns on those pensions while they're invested," he added.

Meanwhile, Bell defended the introduction of guided retirement, arguing that the current system leaves many savers facing complex decisions at retirement without enough support.

"At the moment, we're like, don't have any engagement, and then get to 67, and suddenly you need to become an absolute financial expert," he said.

"We are definitely not going back to the old world of 'you must buy an annuity by this date'.

"But we are not having people in systems that we have mandated, or soft-mandated, into through automatic enrolment, getting stuffed over."

The Pensions Minister confirmed the government would set out a revised roadmap for its pension reforms before the summer recess, including a five-year implementation plan.

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