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

Jenna Towler
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Retirees need to bring home £17,500 a year to secure a "relatively modest but comfortable" retirement, according to research from Barclays.

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...

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