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People on average earnings in auto enrolment pension schemes will need to increase their minimum contribution level to 12% of their pay if they want to secure an adequate income in retirement. That's the view from a report by the Pensions and Lifetime Savings Association. The current rate of saving is nominally 2% and is due to rise to a nominal 8% by 2019. The contribution rate is divided between employer and employee - could a 12% rise be a cost too far for small business and workers on low wages? Paul Lewis finds out. First broadcast on Money Box, 27 November 2016.
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