Few people are prepared to save enough of their salary in a pension to achieve a comfortable retirement despite knowing the 8% auto-enrolment minimum is not enough, a Friends Life survey has found.
The provider's latest survey has revealed 26% of workers choose to leave their employer's pension scheme after being auto-enrolled. More than a third (35%) of the 2,000 respondents said they would not contribute more than 5% of their salary to their pension pot. And only 13% of people said they would be happy to personally contribute more than 10% of salary. Meanwhile, only 14% thought saving the equivalent of 8% of their salary each month (the total level auto-enrolment will reach) would be sufficient to fund a comfortable retirement. Colin Williams, managing director of corpor...
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