The workers of the necessity of pension savings objectives

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The majority of workers are not aware of how much they need to save for a comfortable retirement and the need of objectives, a trade body has said.

More than 13 million people were at risk of not saving enough for an adequate retirement, Pensions, and Life Savings Association (PLSA) said.

Their research suggests that 78% of respondents did not know how to find out if they were on track.

It was said that the retirement income of the targets used in Australia could be copied in the uk.

The PLSA such consultation, which runs until January, I would consider the exact levels of income might be necessary.
How to get a pension of £ 20,000 at the time of retirement

In their initial study, the general answer among the people aged between 55 and 64 years it was suggested that a single person might need between £10,000 and £ 15,000 a year for a minimum standard of living in retirement, £15,000 to € 25,000 for a modest standard and more than £25,000 to a comfortable level.

“We all know that we need to save for retirement, but few of us know how much we might need to live in or if we are on track to achieve that goal,” said Graham Vidler of the PLSA.

Lee Hollingworth, from pensions consultants Hymans Robertson, said: “As a nation we are still massively under-saving for retirement.

“What is required is for the government to commit to the program of increase of the auto-enrolment contribution levels even more. For many to be able to retire on an adequate income, contributions in excess of 15% are necessary.”

Rob Yuille, head of retirement policy at the Association of British Insurers, said: “Automatic enrolment has been a great success in getting people into the pension system, but people need to make decisions about the type of retirement lifestyle they want and begin to make long-term plans on how to achieve it.

“A clear and coherent set of objectives to help people plan for their retirement and we welcome the PLSA the decision to consult widely on this issue.”