Article preview: When workplace pensions were introduced, there was widespread concern that a high proportion of employees would opt-out, and therefore miss out on contributions made by their employers. This fear does not appear to have materialised for most savers, with one exception. New research by insurer Royal London has found that women in their 20s and 30s face significant challenges in saving for retirement, and young women are putting their future retirement security at risk by opting out of their workplace pension. Analysis of the mutual insurer’s auto-enrolment pension book shows a worrying spike in opt-outs among younger women. 10.5% of women aged 22-29 are opting out of their workplace pension in contrast to 8.1% of men in the same age group.
Young women opt-out of workplace pensions
This 318-word blog post looks at the high opt-out rate from workplace pensions from younger women. Written on 2nd January 2020.
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