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Millions failing to save for pension

By Vicky Shaw

Workers should consider ploughing their pay rises into pension savings as the Government estimates nearly 12 million people are still not putting enough money aside for their old age, Pensions Minister Steve Webb has said.

Around 11.9 million people are still failing to save enough to live comfortably in their retirement, according to new projections from the Department for Work and Pensions (DWP), which has taken savings into both private and state pensions into account. Writing in the Daily Telegraph, Mr Webb said people must take "personal responsibility" and think about what they can do to achieve the amounts they aspire to live on in their later years.

The figures suggest it is middle and higher income earners who will face the biggest income shock.

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