Savings levels in pension schemes offered by small firms need to be doubled in order to provide staff with an adequate retirement income, according to the Association of Consulting Actuaries (ACA).

Saving levels are at similar levels to 1996 and the ACA has warned that pensions for employees of small firms retiring now and in the near future are, "increasingly inadequate."

The trade body surveyed just under 400 small companies and found that the average combined employer and staff contribution in firms that employ less than 50 staff is just 8% of members pay.