A Compulsory Pension Tax?

The Policy Exchange study found that someone earning the average wage of £27,000 will need to save six-and-a-half times more than they currently do to generate the Government’s recommended retirement income of £16,200.

The average pension pot is estimated to be £36,800, which on current annuity rates would generate a retirement income of £1,340. The report warns that an average earner would need a pot of £240,000, assuming they receive the full single-tier pension, the replacement for the state pension.

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