PLSA publishes report on improving retirement incomes
Trustees Agenda posted on 6 July, 2018
The Pensions and Lifetime Savings Association (PLSA) has published a report aimed at helping individuals attain a better income in retirement. The conclusions of this report are the result of a three month consultation undertaken by PLSA. Their research revealed that 80% of respondents were unsure if they were saving enough for retirement while 51% wrongly believed that the minimum pension contribution under auto-enrolment was the Government's recommended amount to save.
As a result of these findings the PLSA proposes the introduction of Retirement Income Targets, which would show the lifestyle an individual could afford at different retirement income levels and also raising the minimum contribution levels under auto-enrolment to 12% of total salary between 2025 and 2030, with at least half of this amount coming from employers.