More than half of young workers are facing the prospect of lousy retirement incomes unless they significantly increase their pension contributions, an influential think-tank has said.
The minimum pension contributions of 8% under auto-enrolment rules will fail to provide an adequate income for 51% of average earners even if they start their pension saving at 22, the Pensions Policy Institute has claimed, according to the Daily Mail. The amount they need to set aside rises the later people leave it to start pension saving, while the potential end of the 'triple lock' rise in the basic state pension would make it even more difficult for workers to cover their basic costs in retirement. Average and higher earners face the biggest challenge to reach a suitable level of...
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