The Department for Work and Pensions (DWP) has warned that pensioners retiring in 2050 are set to be worse off than those retiring today.

According to the DWP, nearly half of working-age adults in the UK are not saving into a private pension. More than three million self-employed workers do not currently save into a pension, it added.

Just one in four low earners are saving into a private pension, the DWP also found. The DWP warned that action needs to be taken to boost retirement savings.

To tackle the issue, the DWP is utilising the Pensions Commission and has initiated the following review of the State Pension age. This is currently 66 years old and will rise to 68 by 2046.