Royal London predicts 'death of retirement'

Steve Webb comments on auto-enrolment contributions

clock • 2 min read

People will be forced to work into their late 70s and beyond if they want to eventually achieve the same level of pension as their parents' generation, Royal London has said.

Its latest report, the Death of Retirement, looks at how long people will have to work to achieve a "good quality of life in retirement" if they only contribute 8% of salary as required by the government's auto-enrolment scheme. Royal London director of policy Steve Webb said: "Getting millions more people saving through automatic enrolment is a huge step forward, but many face a cruel disappointment if they think that current minimum contribution levels will deliver them the sort of retirement they are looking for. "Without significant increases in contributions, we could be witnessi...

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