More Britons to benefit from new state pension

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WORKERS across the developed world are not putting enough cash away to support them in retirement, according to a recent report from the Organisation for Economic Co-operation and Development (OECD).

According to the research, the decline in pension savings is gathering pace, as defined contribution schemes replace final salary plans.

Workers contributing a total of 10 per cent to defined contribution pension schemes for 40 years only have a 53 per cent chance of targeting 70 per cent of their final salary, the OECD said.