Women are more likely to miss out on workplace pension
Women are more than TWICE as likely to miss out on being automatically placed on workplace pension, report finds
- The income gap between men and women in retirement is 40.5 per cent
Women are more than twice as likely as men to miss out on being automatically put into a workplace pension, according to a report.
The Trades Union Congress (TUC) said its study suggests more than one in ten women are in jobs where their employers do not have to enter them into a workplace pension, compared with fewer than one in 20 men.
Around 1.4 million women earn less than the £10,000 threshold requiring employers to enrol them into a pension, said the TUC, with Northern Ireland, the West Midlands and Wales the areas with the highest proportion of such women.
The Prospect union says the income gap between men and women in retirement is currently 40.5 per cent, more than twice the gender pay gap.
READ MORE: Why you can no longer trust your state pension is correct: SIR STEVE WEBB warns all women to double check their payouts after a string of blunders
It comes off the back of a recent study which found that workers investing an average pension fund of £190,000 – the typical sum those aged between 65 and 74 have saved according to official data – could empty their pot by the age of 81.
That’s based on an 8 per cent a year gross investment return, not including an annual charge of 1.8 per cent.
However, your fund could be gone by age 75 if you average a 2 per cent return before charges, according to a drawdown calculator run by financial adviser Money Minder.
Investing your pension in retirement requires taking financial market risk and trying to estimate how long you will live.
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