BUSINESS


cent annual earnings in a pension pot. In fact, the average savings ratio, which gauges the percentage of income being saved for retirement by UK workers not expecting to get their main re- tirement income from a final salary pension, is just nine per cent, a three per cent deficit. Over 5,000 people were interviewed for the survey. Scottish Widows noted that the figures showed what was described as “wide- spread and ingrained in- ertia” across the country, with savings levels holding steady over the past five years despite the economic


downturn.


Although the default re- tirement age has been dropped, and there are plans to increase the age at which people qualify for the state retirement pension, the average point at which people would like to stop working is just over 61.


Ian Naismith of Scottish Widows said: “Much high- er saving levels are needed to get towards the average £24,300 a year people as- pire to. The message is that everyone should be putting aside as much as they can afford for their re- tirement.”


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