UK pension gap is biggest in Europe

The UK is suffering from a massive pension gap totalling almost £320 billion marking the largest retirement package shortfall in the whole of Europe. A study carried out by Aviva insurers and Deloitte accountants estimated that workers over the age of 50 need to up their savings by £6,200 a year to afford a comfortable retirement in later life. Workers in their 40s need to bolster their annual savings by £3,100 and people in their 20s need to save an additional £1,300.