TUC pensions savings figure scare

The fictional man, or indeed woman, on the Clapham omnibus is likely to have received a fright today with the release of figures from the TUC, which it says proves just why there should be compulsory employer contributions to pension schemes. According to TUC calculations an employee earning £20,000 would have to save an average of 17.6% of his or her annual salary in order to maintain a current standard of living once retired. Without employer contributions - what the TUC is arguing for - that would require the employee to save £3,520 into their pension pot. The TUC wants...