Pension savers '£10k a year worse off'

To counter low gilt yields, high annuity prices and under-performing investments, savers need to more than triple their pension contributions, according to its figures. The firm's first 'National Pension Index', which aggregates data about annuity rates across the whole of the UK, suggests ten years ago the average 30 year old could have obtained a retirement income of two thirds of their salary by contributing 12% of earnings. A 30 year old now, contributing 12% of their pay, could only look forward to a retirement income of 45% of their final salary, according to the index. The a...