UK. Millions of people miss out on pension cash due to strict rules
The Pensions and Lifetime Savings Association found that 47 percent of working individuals cannot afford to save for retirement. The current workplace pension criteria leaves young workers and low income earners “absolutely” forgotten about.
The effects of the pandemic are starting to slam savers pockets, and with the gradual return to normality whilst inflation skyrockets will likely mean paycheques won’t go as far as they used to.
Additionally, NOW: Pensions shared that the total number of people missing out on workplace pension has risen by an estimated 300,000 since 2020.
These underpensioned groups simply don’t meet the current criteria to receive automatic enrollment to workplace pensions
While it may not seem entirely impactful to the general population, auto-enrolment is potentially the first touchpoint of retirement savings for many working individuals.
Grace Gould, 22, currently works in a family-office in the book keeping and accounts department and just qualified for auto-enrolment a few months ago despite having worked from the age of 18.
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