In the generation now approaching retirement, which has not had time to reap the full benefits of auto enrolment, women have around £43,000 in private pensions and men have around £82,000.
A research from Legal & General Retail Retirement reveals that 25% of women have less than £5,000 in their pot. In comparison, only 15% of men have less than £5,000 in their pension pot.
Covid-19 hits older workers retirement saving plans
Pandemic hits pension pots
Some 1.7 million workers in their 50s are saving less for retirement due to the pandemic, latest research from Legal & General (L&G) reveals.
The retirement provider has tracked the effects of the pandemic on retirement for the last year and found that in August 2020 hardly any (2%) pre-retirees were actively planning to save less for their.
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So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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