Even disregarding the valuable benefits of inflation-protection and provision for spouses, the worker would need to work until 73.
Richard Butcher, managing director at pension trustees PTL, added: “The 8 per cent contribution is too low to provide most people with enough money to be able to provide, along with the state pension, an adequate income in retirement.
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"Modelling by the Pensions and Lifetime Savings Association suggests contributions should increase to around 12 per cent.”
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