In the UK, millions are underpensioned, with private pension incomes significantly lower than the national average. The average annual private pension income is £8,500, while underpensioned groups earn between £3,650 and £6,750. Despite improvements from auto enrolment since 2012, many eligible individuals remain without coverage, forcing reliance on State Pension. Particularly affected are people from ethnic minorities, disabled individuals, and single mothers, who still average below the population rate. Policy adjustments are needed to address these disparities and improve retirement security for vulnerable groups.
Without further policy action, millions will continue to struggle to achieve a secure retirement. That's why we're suggesting that the eligibility criteria for auto-enrolment should be reviewed to include more underpensioned groups.
Since 2012, auto enrolment has transformed the way UK workers save for retirement, bringing more than 11 million additional people into workplace pension schemes.
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