Workers with defined contribution pension plans are not saving enough, leaving a host of issues for UK policymakers and industry players, the Organization for Economic Co-operation and Development warned this week.

Pablo Antolin, principal economist in the financial affairs division at the OECD, said the failure of DC pension funds to achieve sufficient retirement income raised some key issues for UK policymakers, including the need for longer contribution periods and higher savings rates. The way the money is invested and how the pension is paid out also needs reviewing, he said.