The UK is facing a pension crisis, with 15 million Britons not saving adequately for retirement. This is a critical issue, particularly for low- to middle-earners and the self-employed, who are struggling to make ends meet. The problem is exacerbated by the shift away from defined benefit schemes to defined contribution schemes, which has caused major problems for retirement planning. The state pension is currently insufficient, and private pensions are vital, but many people are neglecting their pension pots due to the cost of living and other financial commitments. The government is facing a brutal three-way choice: hike taxes, force higher contributions, or further hike the retirement age. The pensions commissioner has called for a "renewed national settlement" to address these systemic failings. The first step for most people is to find out exactly how much they have in their pension pots, and to prioritize saving into their pensions. The government-backed MoneyHelper website has a section dedicated to advising people on pensions, and there is a wealth of advice available. In the meantime, the UK must get used to being a hot country, as climate advisers warn that measures such as drawing curtains and growing trees for shade are not likely to be enough to survive predicted levels of global heating.
