The UK’s retirement savings gap would widen to £2.3tn if Bank of England forecasts of the number of jobs lost to robots come to pass, according to new analysis. Hymans Robertson, the pension consultants, issued the warning based on the Bank’s estimates that a third of UK jobs were at high risk by 2030.
The pensions savings gap occurs when the amount of money set aside by workers today is not enough to generate at least two-thirds of pre-retirement income. It was estimated at £328bn this year by the International Longevity Centre, a UK think tank.
Hymans said if more people were squeezed out of jobs by AI then the retirement savings crisis was set to worsen. “If one in three jobs are at risk of automation by 2030, as estimated, then this would mean retirement shortfalls increase to £2.3tn”.