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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Public sector workers more likely to contribute to workplace pensions

Public sector employees are more than twice as likely to contribute to workplace pensions as their counterparts in the private sector, according to a report published by the Trades Union Congress (TUC).

Examining the membership, contribution rates and governance of workplace pensions across the UK, the TUC Pensions Scorecard report also revealed that workers earning over £300 a week are twice as likely to pay into workplace pensions as those below this wage.

Further findings from the report highlighted that 48% of workers earning less than £200 have total contribution rates of less than 8%, compared to 23% of those earning more than £500 a week.

TUC General Secretary Brendan Barber argued that although the figures raised concerns about the pension pots of lower-paid workers, the roll-out of automatic enrolment should go some way to addressing this issue.

He said: “It is shocking that fewer than one in four people earning less than £300 a week are saving into a workplace pension scheme.

“Even those low-paid workers who are saving are more likely to have low employer and employee contribution rates that make it far harder to build an adequate pension pot when they retire.

“Auto-enrolment will help reverse some of these worrying trends by getting more people to save. But we shouldn't be under any illusion that it alone can deliver the level of income that most people expect when they retire.”

However, the TUC argues that auto-enrolment won’t have an impact on some workers, such as those that fall below the qualified earning threshold of £5,564.

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