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TV probe brings home pension truths

Low pension saving among young people is probed in a Tonight With Trevor McDonald programme, to be aired next Monday.

The programme will follow the fortunes in retirement of four young people living in Penny Lane, Liverpool, taking their current level of pension provision and projecting it to their retirement to show what income they can expect. Three of the four people have no pension arrangements but one has an NHS pension.

The four, who all currently have decent incomes and enjoy a reasonable standard of living, are then filmed trying to live on their projected retirement income for a week. None of them was able to live off their retirement income and had to borrow off friends to get through the week.

All four people were surprised at how much it would cost them to pay for the level of income they would accept and agreed that they would have to take action.

Pension consultant to the programme Ros Altmann says: “All four of the people said they do not believe in pensions but when it came to trying to live on what they are projected to get, they could not do it.”


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