TUC has launched an online pension calculator to help workers without a pension
to make a savings plan for retirement.
unions estimate about 13 million employees don’t have an occupational pension
and the new tool will enable them to calculate how much they need to save for a
decent income in retirement.
WorkSMART pension calculator has been developed by the Financial Services
Authority (FSA) and the Association of British Insurers and allows users to
change key factors like when they plan to retire.
TUC’s general secretary elect Brendan Barber claims many will be shocked by the
amount they must save and said compulsory employer contribution should be part
of the long-term future of pensions.