Tuesday, January 24, 2023

You now need a pension pot lump sum worth £646,000 to have a comfortable retirement

Check out this shocking report that rising prices mean that in last year a couple on a "minimum" retirement income (including state pension) will need almost 20% income (extra £3200 pa) per year.  But who anyway wants to retire on the "minimum"?

To get a "comfortable" retirement (e.g go on holiday Europe for 3 weeks per year) a couple will need a "pension pot" lump worth a staggering £646,000 to provide this income. 

I wonder how many of my UNISON members will have a pension pot anywhere near that figure. 

Employers must take the lead in providing suitable pensions for its staff. They must pay the lion share. It is in their interests since otherwise you will find a workforce unable to retire regardless of their age or health since they would be living in poverty. 

The rush to the gutter in pension provision of so many employers in a national disgrace. I hope and expect a future Labour Government to act. 

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