UK. People with disabilities ‘have pension savings worth third of average pot’
Pension savers with disabilities typically have savings worth only around a third of the average pot as they approach retirement, a study has found.
People aged 60 to 64 with a disability have £47,980 saved on average, according to research by the Pensions Policy Institute.
This is only around 36% of the average UK pension pot size of £130,928 – a difference of nearly £83,000.
The research was commissioned by pension provider NOW: Pensions, which said there are just over four million disabled workers in the UK and many are in low-paying or part-time jobs.
The high prevalence of part-time work among disabled workers means many are excluded from workplace pensions as they do not earn a minimum of £10,000 in a single job – the earnings “trigger” for automatic enrolment.
Joanne Segars, chair of trustees at NOW: Pensions, said: “We want to make pension saving fairer for everybody in the UK and our policy proposal to remove the £10,000 earnings threshold would help get a further 500,000 disabled people saving for their retirement.”
Read more @Belfast Telegraph
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