Economist Sir Andrew Dilnot, whose recommendations helped shape past pension reforms, warns that implementing a new state-backed savings scheme would require significant public funding. Speaking after reviewing the financial implications, he highlights the scheme’s potential to strain government budgets, raising questions about long-term affordability. His assessment comes amid renewed debate over whether such a system could address rising retirement insecurity. Critics argue the costs may outweigh the benefits, while supporters insist the stability it offers justifies the expense.
Sir Andrew Dilnot, who proposed reforms 15 years ago, says the cost of such a scheme would be "very substantial".
