PAS expert urges people to put more cash into their pension calculator

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PAS expert urges people to put more cash into their pension calculator

Brits need to invest more money into their pension schemes, according to an expert from the Pensions Advisory Service (PAS).

Alison-Jane Bailey, head of policy and technical development at the institution, claimed the country is facing a crisis and people need to face the facts.

She explained that individuals are living for longer and the ratio of workers to pensioners is getting lower - which will make it harder to fund state pensions.

Ms Bailey noted that this phenomenon is affecting many companies as much as individuals, as they have to pay their employees for longer.

"We all need to save more and take greater personal responsibility for providing for our income in retirement. The state pension will not be enough to live on," said the PAS spokesperson.

Her comments were made in response to research by Aviva and Deloitte, which showed the UK currently has a pensions shortfall of £318 billion in total.

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