Research conducted by The Independent Review of Retirement Income (IRRI) and a two year review by the Labour Party has concluded that workers should double their pension savings.

At present, workers are saving an average of 4.7%, however it has been suggested that they should be saving 15%.

Director of the Pensions Institute at Cass Business School, Professor David Blake, said: "To get a decent-sized pension pot for retirement, it is necessary to make adequate pension contributions - something of the order of 15% of pensionable salary.”
 
The government has also confirmed it will be reviewing the state pension age and will report back in May 2017. This could result in people joining the workforce today having to wait until their mid-70s to retire.

Eventually, 8% of the worker’s salary will go into a pension with employers obliged to contribute 5% and workers 3%.

The Tax Incentivised Savings Association (Tisa) said that the average UK pension is £28,000 on retirement, however households should look to save around £230,000.