Towards the end of May, the government’s Pensions Commission published an interim report – the headline message being that 15 million people are undersaving for their retirement. Here we look at some of the smaller print in what was a truly comprehensive document… a chance for you to check whether you need to adjust your plans.

Another week, another report on how and why the nation is not saving enough for a comfortable retirement…?

Not at all. In fact, the Pension’s Commission interim report is something entirely different.

For a start, it’s not the product of research from a savings or pensions provider, so any alarming findings can’t be easily dismissed as self-interest.

The Commission is also appointed by the Government itself, so its recommendations are also far more likely to translate into action.

Finally, and perhaps, most critically, the 190-page report went way beyond the usual parameters of savings research, digging deeper into how different groups of people are (or aren’t) providing for their retirement, and taking on board key aspects such as property wealth, future inheritances, the gender gap and even whether or not saving for a pension represents good value for money.

The report has received widespread publicity – not least that an estimated 15 million people are undersaving for their retirement. But investment platform AJ Bell has been parsing the small print in the report, and here are some of the important findings they say haven’t been well-reported.

• The cost of renting in retirement

This is regularly not taken into account when spending in retirement is projected. But by 2041 the proportion of retirees living in private rented accommodation could rise from 6% to 17%… and a single pensioner can easily have to save more than £200,000 extra in their pension than a homeowner to cover the cost of private rent in retirement.

• The payback potential

Workplace pensions are worth it. The report calculated that for every £1 they pay into a workplace pension, someone earning £13,000 a year gets £4.28 worth of payback. The bulk of the additional value comes from investment growth, plus the employer contribution and the tax relief.

• The lifestyling lottery

Investments in a workplace defined contribution pension often use what’s known as “lifestyling”, where investments are moved into traditionally less volatile assets as you get closer to retirement age. However, there’s not one accepted way of doing this, so different providers will gradually move money over into less risky assets at different rates and times.

If investments are de-risked too fast, you’ll miss out on potential growth, and if it’s too slow, you could end up with major losses close to retirement.

The issue is that because some pension investors are unaware of the variations, perhaps making it time to check the lifestyling approach of your provider.

• The consolidation consideration

Pension consolidation can be incredibly valuable, helping you keep track of all your pension savings. The report also highlighted that it can help people make better decisions too. Bringing them together helps people make more holistic decisions based on all their retirement savings and their needs.

However, the report highlighted a lesser-known issue: FCA research has shown that a third of those who had consolidated their pots hadn’t considered fees and charges when they selected their new provider. Charges should always be considered – alongside value for money

• The gender pension income trap

The gender pension gap is well known, but what’s less well explored is the difference in how women tend to take an income from their pension pot. DWP analysis shows that women are far more likely to take their pension as one single lump sum, are far less likely to buy an annuity, and are more likely to be dissatisfied with their decisions.

• The index-linked annuity pay-off

Four in five people opt for a level annuity, partly because it can be easy to overlook the damage that inflation can do. However, the damage is substantial. Between 2015 and 2025, for example, someone with a level annuity income would have lost over 27% of the buying power of their income.

Sensible annuity decisions should involve weighing up the lost income in the early years with the higher income later. Anyone wrestling with this calculation might find the report’s calculation helpful that it takes 19 years for an index-linked annuity income to overtake that of a level annuity – assuming 2% inflation. In times of faster inflation, the pay-off will be sooner.

• The overlooked annuity risk

Those who opt for an annuity have to decide whether they want it to pay out until their death (single life), or until they and their spouse have both died (joint life). This can be crucial for couples with very uneven pension pots, who rely heavily on one pension. If the person with the bulk of the income takes out a single annuity and dies first, it can leave their spouse in dire straits.

The fact that two thirds of policies taken out are single life means there could be a worrying number of people facing this risk.

• The inheritance delay

When calculating what they have to live on in retirement, some people will factor in a potential inheritance. However, people are waiting longer to inherit.

The average age of people when their last‑surviving parent dies is 58 for those born in the 1960s, and is expected to rise to 64 for those born in the 1980s. Therefore anyone hoping to retire early on the back of an inheritance may find themselves waiting longer than they expect.

How does all this affect YOUR retirement plans?

As they say on TV, if any of these issues affect you, then help is available!

You can make sure that your plans are on schedule to deliver a comfortable retirement by checking in on your RetireEasy LifePlan regularly and making sure it remains resilient – bearing in mind factors such as receiving an inheritance later than expected, whether you plan to be renting in retirement, and (if you are considering an annuity) what type you should go for.

It might also be well with checking with your pension savings are aligned with your current “risk and reward” priorities.