Written by Professional Pensions
Lack of standardisation across pension illustration tools has resulted in a huge variation between likely values of retirement pots, according to research by Altus Consulting. The firm is concerned this may confuse savers, especially with the incoming pension freedoms. Altus took an average person earning £29,360 with existing savings of £37,400 at age 42 with pension contributions of 9.4% from salary. The most pessimistic pension provider said this was likely to result in a pot of £115,000 at age 67, while the most optimistic quoted a little under £370,000.
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