James Purnell, Minister for Pensions Reform, has revealed the "frankly scary numbers" in a retirement survey carried out by Which? support the case for personal accounts.
In his latest blog entry on the Department for Work and Pensions (DWP) website Purnell says the findings of the 513 interviews reveal one in three people are not sure they will have enough to live on in retirement. And the research, which was released earlier this month, shows there is a gap of around £12,000 a year between the amount people want to live on in retirement and what the basic state pension will actually provide. As Which? argues on average people expect they to need around £312 a week after tax for a comfortable retirement, while the basic state pension currently only prov...
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