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Labour MP for Islington South and Shadow Foreign Secretary Emily Thornberry has published an article for Politics Home in which she calls for greater pensions freedoms for public sector workers.*

Written as part of her failed leadership campaign, the article named five major policy areas she felt the party needs to address in the future: climate crisis, the NHS, Social Care, affordable housing, and pensions.

In fact, the article was largely concerned with the issue of public sector pensions as Ms Thornberry warned that the country faced a “ticking time-bomb” in respect of the sums which will become payable in future decades. She quoted a 2017 estimate which suggested that public sector pension liabilities had a £1.7 trillion shortfall. She said that the public currently spends around £40 billion a year meeting this gap.

Millions of employees work tirelessly for decades in the expectation of a comfortable retirement in the future. But for many UK residents retirement is an event to be feared due to lack of savings and pension. It’s important to find the balance for comfortable retirement savings.

To help you understand how much is needed, we at Blacktower Financial Management have revealed how much to save for retirement, how much you should be saving for retirement each month, and top tips that map out the best way to save for retirement.

If you plan on living out your retirement years without worrying about finances, ensuring you have sufficient retirement savings is a must.