AVERAGE pension pots in Scotland will only give people a comfortable retirement income for five years, according to new research.
A study of more than 8,000 savers across the UK found people north of the Border are putting aside an average of £2,711.90 a year for when they stop work. But as most savers in Scotland say they need £24,364 a year to have a comfortable retirement, the money they are putting by will not last long.
The figures were revealed after financial and technological services firm True Potential launched its Savings Gap campaign last year to find out how much cash people in different regions across the UK are putting away.
To fund a retirement income of £24,364 a year for 20 years, savers would need to put aside a total of £10,828 a year, building up a total pension pot of £487,280, the research showed. However, the average pension savings in Scotland would only build up a pot of £122,036, which, spread over 20 years, would provide an annual income of just £6,102 - just one-quarter of what is required.
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