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Women losing out on work place pensions

22nd Feb 17 8:43 am

What’s happening?

According to Citizen Advice, thousands of women are losing out on work place pensions, this is due to having more than one job.

In order to qualify for an auto-enrolment pension, workers must be earning at least £10,000 a year.

However, more than 100,000 women do not reach this goal because they are working multiple jobs with several different employers.

The government has said it’s planning to review this issue later in the year.

As well as this news, a separate study shows that women receive a lot smaller pensions than men.

Insurance company Zurich found that the average woman will have £47,000 less in their pension funds than a man by the time they retire.

Gillian Guy, the chief executive of Citizens Advice, said: “Many people – particularly women – work several part time jobs, which helps them manage commitments like childcare or study,”

“But while in many cases they earn over £10,000, and pay tax on this combined income, they don’t have access to a workplace pension and miss out on the opportunity to save for their retirement.”

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