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Millions face ‘bleak old age’ due to inadequate pensions
Business digest: New report finds millions not saving enough for retirement, some not saving anything
A new report suggests that millions face a "bleak old age" due to insufficent pension funds, while up to 14 million Britons are not saving for their retirement at all.
The review, commissioned by the National Association of Pension Funds, recommended a higher minimum contribution and a clearer system.
Lord McFall, who conducted the review, said: "Too many people are stuck in a complex, costly and inefficient system that relegates the consumer's interest to second place".
Pensions minister Steve Webb said the report gave "a very serious warning and a wake up call", and that unless people started saving more, earlier, they would find themselves on a state pension living a "pretty meagre existence".
Read a full report at BBC News. ·
