In the face of the current cost of living crisis, and the UK’s economic slowdown, it has never been more important to squeeze every last ounce of retirement income from the modest amounts that employers and their employees can afford to contribute to pension schemes.
The Pensions and Lifetime Savings Association (PLSA) has called on the government to make five changes to increase savers’ pensions by £4,000, including reforming the state pension and increasing contributions.
Twice as many men than women are optimistic their standard of living will improve in retirement (12% vs 6%), with more women saying they feared living standards would fall compared to men (38% of women vs 34% for men), recent research from Canada Life revealed.
The Pensions and Lifetime Savings Association (PLSA) has updated its Retirement Living Standards to reflect lifestyle changes brought about by the Covid pandemic.