Pension experts warn workers will not have enough to cover retirement costs

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New research from Scottish Widows suggests over a third (34%) of UK workers are at risk of not being able to cover the cost of their basic needs in retirement. A ‘national retirement forecast’ model was created by Scottish Widows and Frontier Economics to estimate the potential retirement incomes of people aged 22 to 65, based on their savings and spending behaviour. ‌

Part-time workers , many of whom will earn below the £10,000 earnings trigger in a job to be automatically rolled into workplace pensions, are particularly at risk of not being able to cover their basic needs, the report indicated. ‌

It analysed the views of 1,000 senior decision makers with responsibility for pensions at their firms and 2,000 employees from a range of sectors. ‌

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