Andy Curran, chief executive of the life assurance and pensions giant, said the minimum savings level of 8 per cent through the scheme is ‘simply not enough for most to achieve an adequate retirement income’.
Britain is 'sleepwalking towards a pensions crisis' after Labour delays auto-enrolment review Britain is ‘sleepwalking towards a pensions crisis’ after Labour indefinitely delayed a review of auto-enrolment, the boss of Standard Life has warned.
Curran said that increasing contributions from 8 per cent to 12 per cent in the UK would mean a typical 18 year old would have an additional £96,000 in their pension pot at state pension age.
Shortfall: Andy Curran, chief exec of life assurance and pensions giant Standard Life, said the minimum savings level of 8% through the scheme is 'simply not enough'.
A Government spokesman said: ‘We are determined to ensure that tomorrow’s pensioners are supported, which is why the Government announced the landmark two-stage Pensions Review days after coming into office.’.
