Sat, 26 Jul 2025

Sat, 26 Jul 2025 Why I'm not paying into a pension

Almost half of UK adults do not pay into a private or workplace pension - some of them tell us why.

* The self-employed, low earners, and women are less likely to have a pension.
* Only 25% of people from Pakistani or Bangladeshi backgrounds have a pension.
* Many people who do not have a pension say they prioritize short-term financial needs over long-term savings.
* A single person would need £13,400 per year in retirement income for a minimum living standard and £31,700 for a moderate lifestyle, according to estimates.
* Employers must offer workplace pensions to staff, but the self-employed are not automatically enrolled.
* Workers can opt out of their pension scheme, and 5% of earnings above £6,240 is automatically saved into a pension pot.
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