‘Think big’: ex-pensions minister calls for UK contributions minimum to go up

Steve Webb says long-term plan is needed as experts warn 8% of earnings is not enough for decent retirement income

A former minister says the UK government needs to think big" about retirement saving amid growing calls for minimum pension contributions to be increased.

Under the auto-enrolment regime, an employee and their employer must pay into a pension and the government has set mandatory minimum contribution levels. But experts argue that for most people, the current figures are not enough to fund a decent retirement income.