Report is a reminder of the difficulty of saving

This is why we've introduced the biggest change to pensions for a century by getting everyone saving into a workplace pension.

With your contribution being matched by your employer - and with tax relief from the Government on top - we have made sure it really pays to save for your retirement.

– Steve Webb, Pensions Minister

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'Significant cuts' for retirement

UK workers are having to make "significant cuts" to their living standards to prepare for retirement. With savings usually lasting around seven years, the average retirement is expected to carry out for 19 years.