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Norwich Union launches on-line pensions calculator

To combat the lack of awareness among youngsters over how much to save for retirement Norwich Union has launched a pensions calculator on its website.


The launch is NU&#39s response to research showing many younger people think about investing in a pension but have no idea how much they need to invest.


The research revealed 67 per cent of young people think about starting a pension, but 40 per cent of them are clueless about how much they need to save to meet their expectations in retirement.


The survey also found young workers expectations to be high with the list of &#39must haves&#39 including retiring at age 59 to travel the world on an annual income of at least £20,000.


The calculator can work out how much they need to save through the customers answering two simple questions. The first is what is their age and the second is what income they want on their retirement.


NU&#39s pensions marketing manager Iain Oliver says: &#34Our research shows young workers are confused about pensions and our website feature and booklets are designed to help.&#34

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