Insurers Call For Higher Pension Savings Rate To Plug Gap

By Martin Croucher (June 21, 2022, 5:00 PM BST) -- The government should increase the minimum that Britons are required to save into their workplace pension in order to plug a growing retirement savings gap, a trade body for insurers said Tuesday.

The Association of British Insurers said that over the next decade the Department for Work and Pensions should phase in an increase in automatic enrollment minimums from 8% of salary to 12%.

The association said that with current levels of saving, combined with provision from the state pension, the average worker was likely to have only half the income they would require in retirement.

"The huge success of automatic...

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