Pension crisis warning as millions of Brits face retirement ‘cliff edge’

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestylePensions UK, an industry body, has warned that many people in Britain face a significant drop in income upon retirement, describing it as a financial “cliff edge”. The warning accompanies the publication of updated "retirement living standards," developed by Loughborough University, which outline three distinct lifestyle levels: minimum, moderate, and comfortable. These standards detail the annual costs for each lifestyle, with a minimum retirement costing £13,900 for a single person and £22,500 for a couple, rising to £45,400 and £62,700 respectively for a comfortable lifestyle. Pensions UK estimates that while 82 per cent of the working population may achieve a minimum standard of living in retirement, only 23 per cent are expected to reach a moderate standard, and fewer than one in ten (9 per cent) a comfortable one. The body is advocating for increased action to address the retirement savings gap, including encouraging employers to offer matching pension contributions beyond the statutory minimum. In fullPensions experts reveal how much money you need to live comfortably in retirementThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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