Pinsent Masons expert issues pensions calculator warning
www.moneynews.co.uk > Pensions calculator > Pinsent Masons expert issues pensions calculator warning
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Pinsent Masons expert issues pensions calculator warning
Thu 6th Jan 2011
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Robin Ellison, a partner at the international law firm, explained that anyone who intends to retire at 65 should be paying 20 per cent of their pre-tax income into a pension scheme.
He stressed that this figure is a broad rule of thumb rather than a strict threshold, but pointed out how rare it is for workers to contribute that much towards their retirement savings.
"Very few people, other than those in defined benefit schemes offered by a few major companies or the public sector, are paying enough into their pension scheme," said Mr Ellison.
His comments were made after the publication of the Association of Consulting Actuaries Smaller Firms' Pensions Survey, which indicated two-thirds of small companies in the UK do not offer a retirement savings option.
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