Barclays puts 'living pension' at £17.5k a year

The bank's corporate and employer solutions division said defined contribution (DC) savers should aim to secure that amount to maintain an adequate retirement lifestyle. Its report, Steps Towards a Living Pension, defines the ‘living pension' as the income level DC scheme members feel they would need to maintain an adequate lifestyle in retirement. It is a similar concept to the UK Living Wage, Barclays said. A poll of 2,000 employees paying into a DC pension found many people had modest expectations in retirement. Behavioural finance experts discovered that a ‘good outcome' was descr...