Employees to retire on less than minimum wage - Fidelity

A survey of over 1,000 workers reveals at retirement, current pension savings and state pension entitlements would amount to just 42% of the salary they were earning before they retire. For someone retiring on today’s average annual earnings of £22,9000, Fidelity says this would mean a retirement income of £9,618 or £185 per week, before tax, which is lower than the weekly earnings of someone working a 40-hour week and being paid the current minimum wage of £5.05 an hour. The Fidelity Retirement Index - just one of three indices devised by Fidelity and Towers Perrin to measure the UK’s ...