It is the role of employers, the pensions industry, and the government to close the gap between minimum and moderate levels of income in retirement, according to the Institute and Faculty of Actuaries (IFoA).
This comes as the professional body revealed workers need to save £800 a month for a ‘moderate' retirement, which is a quarter of the average monthly full time wage.
The research - published today (30 October) - also revealed that while current auto-enrolment (AE) contribution levels and the state pension will be enough for a minimum standard of retirement, those expecting a moderate or comfortable retirement will need to save well above the current AE minimum contributions, noting responsibility for this should be down to employers not solely to the individual.
A moderate retirement is listed as the middle of three levels, between minimum and comfortable and is described as including a once yearly European holiday, purchasing a second hand car, and occasionally eating out in restaurants.
Chairman of the pensions board Mark Williams said: "Clear and consistent information on how much [people] need to save can be hard to find… This IFoA research connects the dots between actions taken now and impact on lifestyles in later life.
"But savers should not be left to navigate this alone. There is a shared responsibility between individuals, employers, the pensions industry and the government to give individuals the best possible chance of having enough money in retirement."
He said that while this high level of saving may be "daunting" for some people, "individuals alone should not be burdened with the responsibility of closing what could become a significant savings gap unless there is further policy reform".
This follows the publication of the Pensions and Lifetime Savings Association's Retirement Living Standards which aimed to help savers ‘picture their future' and set retirement targets with tools to help them understand the level of retirement they will have depending on their current saving levels.
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