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Royal London say that the government must act now to safeguard pensioners financial future |
Commenting on data showing growing income inequality in retired households, Helen Morrissey, pension specialist at Royal London, said: “It is disappointing to see income inequality increase in retired households. This is caused by stronger growth in the wealth of wealthier pensioners in comparison to poorer pensioners and reflects the enormous impact private pensions have on people’s financial wellbeing in retirement. If we are to safeguard the financial futures of pensioners, government must act now to expand auto-enrolment to encompass lower earners and the self-employed as well as increasing contributions beyond current auto-enrolment minimums.” |
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