Pensions: Planning for retirement to be made compulsory?

iStock_000017861768XSmallDespite the introduction of Auto Enrolment a leading think tank is calling for pension contributions to be made compulsory to help avoid a looming financial crisis. The Pensions Policy Institute (PPI) has warned that despite the introduction of Auto Enrolment, many people will still not be saving sufficiently for retirement and that compulsory pension contributions might be needed. Auto Enrolment contributions Auto Enrolment will see millions of employers having to set up a workplace pension into which their employees will be enrolled. For large employers ...

New report points to a bleak retirement for many

Retirement savingsThe latest Aviva Real Retirement Report has painted a stark picture of the financial hardship many people will face in retirement. The report splits the over 55’s into three groups:   Pre retirees, aged 55 to 64 Retiring, aged 65 to 74 Long term retired, aged 75 and older The plight of older generations has been well documented over the past few years. Rising inflation, all time low interest rates on savings accounts, stock market volatility, and plummeting gilt and Annuity rates have combined to ...