Standard Life: Savings needed to top-up state pension

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Standard Life: Savings needed to top-up state pension

Standard Life has urged people to use private saving methods to achieve a decent retirement income.

Its comments came after analysis of government data showed that many people who have no retirement savings will see their income drop to 21 per cent of their working salary.

Andrew Tully, senior pensions policy manager at Standard Life, stated that the picture of retirement looks "stark", but he advised people that if they start saving early they can avoid being left out of pocket when they finish working.

He said: "Most people in the UK would like to retire at age 65 or even earlier. To achieve this goal with a decent retirement income, private saving is essential."

Mr Tully made his comments in response to the government plan to raise the state pension age of retirement to 68.

Last week, Age Concern and Help the Aged said it was "good news" that the Office of Fair Trading was going to issue warnings to 26 retirement homes over charges being levied on pensioners when they sell their homes.

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