Abrdn’s boss has called for minimum pension contributions to double from 8% of pay to 16%, in a move that would greatly increase pension funds’ fire-power.
Stephen Bird, the chief executive of Abrdn, said millions of people were heading for an inadequate income in retirement because the present minimum 3% contribution from employers and 5% from employees was not nearly enough.
Craig Beaumont, of the Federation of Small Businesses, said that a move to 16% would be “extreme and unaffordable”.
