Millions of young workers face retirement hardship due to low saving and potential end of state pension guarantees

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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 eight per cent under automatic enrolment rules will fail to provide an adequate income for 51 per cent of average earners even if they start their pension saving at 22, the Pensions Policy Institute has claimed today.
This amount the 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.

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Millions of young workers face retirement hardship due to low saving and potential end of state pension guarantees

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