Single mothers would need to work to age 93 in order to retire with the same amount of pension wealth as a man
Single Parents Day takes place on Tuesday, March 21 and new research has revealed one in three working single mothers are not eligible for a workplace pension under current auto-enrolment rules despite over half being employed. Consequently, working single mothers have missed out on over £852 million in pension savings since the introduction of auto-enrolment in 2012.
The number of single mothers working part-time is at 54 per cent compared to the UK average of 21 per cent. A woman retiring at age 66 can expect to live for another 22 years, meaning they face significant pension poverty. NOW: Pensions supports Private Member’s Bill to increase pension saving for single mothers The Department for Work and Pensions has backed MP Jonathan Gullis’ Private Member’s Bill on plans to expand auto-enrolment. The bill, seeks two extensions to auto-enrolment, abolishing the lower earnings limit for contributions and reducing the age for being automatically enrolled to 18.
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