Shocking 15m Brits could be working into their 80s because they don’t have a pension, a watchdog warns
AROUND 15million people could be forced to work into their 80s because they are not paying into a pension, a watchdog says.
One in three workers is not saving for their retirement, warns the Financial Conduct Authority.
Savers are putting away on average only 4.2 per cent of their salary despite experts recommending at least 12 per cent.
FCA boss Andrew Bailey warned: “Many are not saving enough for their retirement. While the state pension is a hugely important part of retirement provision . . . for many people it is not enough to maintain living standards.”
FCA’s survey of 13,000 people is its largest ever, and comes as experts warn the state pension age will continue to rise to cut the escalating bill as people live longer.
Former Pensions Minister Sir Steve Webb told The Mirror: “The good news is over eight million people have been enrolled into a workplace pension in the last five years.
“But many are only putting a few pounds a week into a pension.”
He said contribution rates must rise.
Pensions expert Tom McPhail said: “For all the success of auto-enrolment, it is worth remembering almost as many have been left behind.”
