Scottish Widows has called for auto-enrolment contributions to be increased to 12% after research found the number of people saving adequately for retirement had stalled at around 56% for the third year in a row.
According to research by the pension provider, since automatic enrolment (AE) was introduced five years ago, the number of 'adequate savers' in the UK has risen from 46% to 56%. It also found, however, almost one in five (18%) adults in the UK are still not saving anything into a pension, and nearly three-quarters (70%) of under-30s are not saving adequately. Scottish Widows has therefore called for the government to set minimum AE contribution at 12% - six times more than the current level and still 50% more than the projected rise to 8% from April 2019. The group argued a 12% min...
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