National income targets would help boost pension saving - PLSA

Hitting the target: A vision for retirement income adequacy

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The Pensions and Lifetime Savings Association (PLSA) has proposed a number of reforms to boost pensions adequacy, including retirement income targets to show the lifestyle people could afford on different levels of income.

In a report published today (5 July) - Hitting the target: A vision for retirement income adequacy - the trade body presents the final recommendations of its consultation into pension saving which closed in January.  The report also recommends increasing minimum contributions under automatic enrolment from 8% of band earnings to 12% of total salary by 2030, requiring schemes to signpost to ‘appropriate product options' at retirement, and improving governance with a focus on ensuring schemes offer value for money. The report also said it should be easier for people to use other income ...

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