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Britain’s eligible pension savers need to return to work, earn for longer and save more—otherwise they might find retirement less than stress free.

That’s the warning from Andy Briggs, chief executive of Phoenix Group, in conversation with Francine Lacqua on this week’s episode of In the City.

They discuss the plight of retired people over the age of 50 and how the UK pension system compares with those of other countries. Briggs, who is also the UK government’s aging society business champion, describes a grim future for people over age 50 who aren’t saving enough, as well as those seeking to retire early.

He says a recent study by Phoenix, a long-term savings and retirement business, shows that only one in seven people in the lowest UK earnings-band are saving enough to guarantee a decent standard of living in retirement.

Four out of 10 think they’re doing enough but aren’t, he says, calling the situation “really frightening.” “An awful lot of over-50 [people] have dropped out of the workplace through the pandemic. But an awful lot of them won’t have a decent grip on what their retirement income might be,” he says. “If only they knew then [that] for an awful lot of them, it’ll be a really good idea to get back into work.”

Briggs also argues that the UK pension sector is missing out on higher returns because it’s been forced to invest “conservatively.” There “are opportunities to take more risks in a very calculated and sensible way that will lead to better outcomes for customers,” he says.

Phoenix Group is one of nine insurers who have signed up to the Mansion House Compact, a deal through which the UK plans to redirect 5% of the British pension pot into startups. The government says the aim is to grow the average earner’s retirement benefit by at least £1,000 a year ($1,275) while giving the UK economy a boost. The key, says Briggs, is having a broad range of investments across sectors.