However, most individuals have made low contributions with less than half of private sector employees who saved into a workplace pension contributing more than eight per cent of their earnings.
A fifth have not saved in a workplace pension so they miss out on their employer’s pension contribution. Low asset returns and increases in life expectancy have made it harder to attain a good standard of living in retirement.
Research undertaken as part of the ‘Pensions Review’, led by the IFS in partnership with the abrdn Financial Fairness Trust, has set out the scale of the problem and made concrete policy suggestions in response.
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