Jessica List, Pensions Technical Manager at Curtis Banks, comments on the latest Pensions and Lifetimes Savings Association (PLSA) survey, that has found a quarter of savers believe their current level of pension saving won’t be enough to live off in retirement.
“The silver lining here is that a quarter of savers are at least aware that they may need to save more to meet their retirement goals, and are probably more likely to do so when their circumstances allow. What may be more concerning is how many people in the remaining three-quarters incorrectly believe that their current level of savings will support them in retirement, and who may not voluntarily save more as they don’t realise the need to do so. Increasing the minimum level of auto-enrolment contributions, as suggested by the PLSA, could help to make sure more people are on track for a better retirement.”
