If even the golden generation of pensioners are struggling what does that mean for everyone else?

As the government’s revived Pensions Commission begins gathering evidence on the long term future of retirement saving in the UK, it faces a stark reality. Even the generation that benefited from some of the most generous pension arrangements in modern history has struggled to secure adequate retirement incomes.

New analysis from the Pensions Policy Institute highlights how uneven pension saving remains across the working population. Using Wealth and Assets Survey data, the research shows that women, single mothers and disabled individuals face dramatically lower levels of pension wealth than the average worker.

The median pension wealth for working age people is just over £20,000, but for single mothers it is barely above £3,000. Disabled adults fare even worse, with the median effectively sitting at zero. These figures reflect how lower earnings, caring responsibilities and interrupted work histories translate into weaker retirement outcomes.

Pension wealth does increase with age, yet disparities remain stark even between people at similar stages of life. The gender pension gap persists across the life course, with women accumulating significantly less pension wealth than men at every stage of working life.

These inequalities matter not just because of the gaps they reveal today, but because of what they imply for retirement adequacy in the decades ahead.

Separate research published by the Department for Work and Pensions examining the 1958 birth cohort, people now approaching state pension age, found that around half were not on track to maintain their working life standard of living in retirement. That is striking given the pension environment many in that cohort experienced, including widespread defined benefit schemes and earnings related state provision.

Financial security also varies sharply by household circumstances. Among those living alone, around two thirds were not expected to meet even the minimum Retirement Living Standard based on their pension income. Even when wider financial resources were included, a majority still fell short.

The research also highlights how central the state pension remains. Around half of the cohort are expected to rely on it for between two thirds and all of their pension income in retirement. Yet many still lack clarity about the system, with one in five unaware of their state pension age and around a third unsure how much they will receive.

If such a well served generation struggled to achieve adequate retirement outcomes, the prospects for those following behind are concerning.

Younger workers are far more reliant on defined contribution pensions, where outcomes depend heavily on contribution levels, investment performance and engagement. Automatic enrolment has brought millions into saving, but participation alone does not guarantee adequacy.

Many savers simply do not know whether they are saving enough or what income their pension might deliver. This lack of clarity remains one of the biggest barriers to improving long term financial resilience.

This is where targeted support could play a transformative role.

Targeted support would allow pension providers and financial firms to help individuals make better financial decisions without requiring the full cost and complexity of regulated advice. For many savers who fall between generic information and full advice, it could bridge a long standing gap in the system.

Instead of receiving only broad information about pensions, individuals could receive information that is more relevant to them to understand whether they are on track and what actions could improve their position. This might include increasing contributions, consolidating pensions or reconsidering retirement timing.

For groups at higher risk of being underpensioned, such as single parents or those with interrupted careers, the benefits could be particularly significant. These individuals often face structural barriers to saving, but timely nudges and clearer support could help them act earlier, when contributions have the greatest long term impact.

Earlier engagement is crucial. Too many people only begin to focus on retirement planning in their fifties, when the scope to change outcomes is far more limited. Small changes made decades earlier can make a meaningful difference thanks to compounding.

Ultimately the findings reinforce why the new Pensions Commission has such an important task ahead. Automatic enrolment has expanded participation, but the next stage of reform must focus on improving outcomes.

If the Commission is to identify credible solutions, helping savers make better decisions earlier in life will have to be part of the answer. Targeted support has the potential to play a crucial role in that next phase.

If even those who benefited from more generous pension structures struggled to achieve financial security in retirement, the warning for future generations is clear. Without better engagement and more personalised support, many workers risk reaching later life with pension savings that fall far short of what they expected or need.