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300,000 more ‘missed out on their workplace pension in the past year’

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Around 2.8 million people across the UK in the ‘pension short’ groups are missing out on pension savings at work – 300,000 more than the 2.5 million who lost in 2020, according to the report. a report.

The pension underfunded groups have typical private pension assets that are just 15% of the UK average.

This group includes around 2.2 million women, 600,000 people with disabilities, 35,000 carers and 106,000 working people who don’t earn £10,000 to be automatically entitled to a workplace pension in a job. Some underpaid people fit into more than one of these categories.

Report compiled by pension provider NOW: Pensions in collaboration with the Pension Policy Institute (PPI).

It says that from carers and single parents to part-timers, the pension savings gap for some of the most financially at-risk groups has worsened during the coronavirus pandemic.



We hope that this report will help raise the profile of these savings gaps

Samantha Gould, NOW: Pensions

Generally, income levels tend to fall more for those on lower pensions, and the ability to keep up with bills, save and pay off debt is lower in these groups.

The report said they may also find it more difficult to avoid accessing pension savings during times of investment volatility in 2020.

Everyone The researchers found that groups with lower-than-average wages were more likely to experience inequality in the labor market and be affected by redundancies and redundancies.

They are more likely to work in industries most affected by public health restrictions, such as retail, hospitality and tourism, or in low-paid, part-time or non-employment jobs. regularly.

The report calls for the removal of the £10,000 auto-subscription trigger.

Samantha Gould, head of campaigns at NOW: Peer, said: “We hope that this report will help raise the profile of these savings gaps and boost industry and planners alike. policy making to close the pension savings gap and create a more equitable pension system.”

A spokesperson for the Department for Work and Pensions said: “Helping women save for retirement is still a big part of the world Government priority, including throughout the pandemic.

“Thanks to automatic enrollment, the latest figures show that the number of women receiving a workplace pension equals the number of men.”

https://www.independent.co.uk/money/300-000-more-people-have-missed-out-on-a-workplace-pension-in-the-past-year-b1971701.html 300,000 more ‘missed out on their workplace pension in the past year’

Ashley

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