UK. Thousands of savers no longer able to participate in workplace pensions
The pandemic has impacted people’s ability to save, with 300,000 savers no longer able to participate in a workplace pension, according to research.
The repercussions of lockdown, particularly domestic work and homeschooling, have caused women to suffer the largest financial strain, with them being 50 per cent more likely to enter their retirement without a private pension than men.
‘Pandemics and pension inequality’, a Now Pensions report in collaboration with the Pensions Policy Institute, highlighted a rise in what it called the under-pensioned, with 2.8m people now being excluded from workplace pension saving, up from 2.5m in 2020.
Under-pensioned groups, comprising ethnic minorities, disabled, carers and single mothers, have private pension wealth of only 15 per cent of the UK average.
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