UK. Cost-of-living crisis could slash pensions by quarter
The youngest UK workers could see their retirement savings cut by a quarter if they were to reduce their pension contributions by 2% in response to the cost-of-living crisis. That is according to new analysis by consultancy firm Broadstone, which found that 25-year-olds could lose up to £60,000 of their pension savings if a ‘temporary’ cutback in contributions becomes permanent. This is based on 2% reduction in employee contributions – taking total contributions down from 8% to 6%, assuming that 3%...
