The current average pension pot in the UK is much lower than it should be for a comfortable retirement. People between 35-44, for instance, are recommended to have £30,000 in a private pension, but according to ONS, half of the people in this age group have less in their pots.
The Pensions and Lifetime Savings Association advises that a single person will need a retirement income of around £37,300 a year for a “comfortable” retirement standard – assuming they are mortgage and rent free. The full state pension for 2023-24 is £10,600 annually.
