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Pensions

UK workers consider doubling their pension savings

UK workers consider doubling their pension savings

Mona Dohle
Wednesday 6th June 2018

Workers in the UK are open to increasing their retirement savings and tend to place greater emphasis on workplace pensions compared to employees in other countries. 

People in the UK tend to expect less from their state pension compared to other countries, with UK workers expecting to fund 40% of their retirement income through a state pension, compared to more than 50% in most other countries, a recent survey by pension provider Aegon revealed.

On average, UK respondents indicated that they would be willing to pay up to 7% of their annual income into a pension every year; this represents more than double the current auto enrolment default rate of 3%.

The survey also showed that younger workers tend to be more willing to support higher contribution levels, with one in 1 of respondents in their 20s indicating that they would be willing to pay between 11% and 15% of their salary towards a workplace pension.

Kate Smith, head of pensions at Aegon, comments: Our research is a strong endorsement that not only will people take the increases in their stride, they’re realistic to appreciate that a comfortable retirement requires saving at higher rates and are prepared to pay more. While young people face many financial pressures, it’s encouraging that many are willing to save more and regular saving from a young age will set them up well in the long run.”

The poll, conducted among 14,400 workers and 1600 retired people in 15 countries shows that people in Spain expect 66% of their retirement income to come from state pensions, expectations are similarly high in Hungary (57%), Poland (56%), Germany (53%) and Japan (52%).

While UK employees consider workplace pensions to be an essential element of their retirement income, more than 80% of respondents in the UK also think that employers have a vital role to play in terms of providing retirement income.

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