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Pensioners face future cost crunch

Workers will need to save “far more” than 10 per cent of their salaries just to get the same provision as today&#39s pensioners according to a report by the Faculty and Institute of Actuaries.


Young people may have to pay as much as three time the amount paid by their parent&#39s generation.


The actuaries urge pension providers to give contributors more information about the real costs of pensions in the future.


30-year-olds who contribute10 per cent of their salary can expect to have a pension of just 24 per cent of salary at retirement age.


Chairman of the working party and co-author of the report Paul Meredith says: “We believe that there is a pension cost crunch ahead.”

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