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Bank charges: New flat-rate pension is a 'step in the right direction'

The coalition government's new flat-rate pension of £144, rather than the basic pension of £107 a week plus top ups, is a step in the right direction, according to Aviva.

However, the insurer concedes that the new state pension plus automatic enrolment contributions to private savings will bring only an "acceptable income replacement for younger lower earners".

John Lawson, Aviva's head of policy for corporate benefits, explained that the announcement does give people a good idea of what they can expect to receive when they retire.

"However, for most people, this is still woefully inadequate even when private pension income from automatic enrolment contributions is added in," he continued.

"Realistically, between them and their employer, people need to be saving between 15% and 20% of their income to enjoy a comfortable retirement." 

The coalition government has said that the new system will, in particular, benefit women, low earners and the self-employed, ensuring they are able to afford outgoings such as bank charges.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801522354-ADNFCR

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