Ministers to pay more into pensions

Updated
File photo dated 03/05/10 of two women walking along the beach in Bournemouth as one in 12 people planning to retire this year will still be paying off their mortgage. PRESS ASSOCIATION Photo. Issue date: Friday January 24, 2014. Prudential, which carries out research each year to gauge the state of people's finances as they approach retirement, found that one in six (17%) people ending their working lives in 2014 will still be burdened with some form of debt, including mortgages, credit cards or personal loans. Some 8% of those planning to retire in 2014 said they still have not fully paid off their mortgage and around 10% still have credit card debt piled up. On average, those who still have some form of mortgage and/or non-mortgage debt owe ?24,800, although this figure is around one fifth (21%) lower than the typical debt in 2013 of ?31,200, researchers found. Across Britain, Scotland had the highest rate of people retiring this year with debts outstanding. Nearly one quarter (24%) of people retiring in 2014 there said they would have some form of debt. See PA story MONEY Retire. Photo credit should read: Chris Ison/PA Wire

%VIRTUAL-SkimlinksPromo%Ministers' pension contributions are being pushed up by hundreds of pounds a year to share the pain of the public sector.

David Cameron, his Cabinet and Ed Miliband face paying 1.2 percentage points more of their salaries into the retirement schemes.

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