Recent research by Price Waterhouse Coopers (PWC) throws light on the need to tackle the pensions savings shortfall. Ali Sturgeon shares their findings.
- PWC research shows that six in 10 people are put off saving more into their pension because they don’t understand the system
- PWC suggests that the pensions system needs to be simplified to strengthen the incentive to save
- Without greater incentive to save, PWC analysis shows people could face a £4,000 per year shortfall between their pension savings and desired retirement income
- Tax reform alone won’t tackle savings shortfall. Saver awareness, auto-enrolment contribution levels and financial education need to be part of any solution