THE PENSION PAY GAP.
Byline: ALICE CACHIA
MEN CONTRIBUTE MORE TO PERSONAL PENSION POTS ACROSS ALL AGERANGES The gender split of personal pension contributions as percentages in the UK per year MEN contribute more to the UK's personal pension pot in every age range than women, new figures have revealed.
The gender pension narrowest between Personal pensions are tax-free pots of cash, usually taken out by those who don't get the chance to save for their retirement through a workplace-based scheme offered by employers.
People choose a personal pension provider to pay money into, which is usually invested in stocks and shares to try and grow the fund before retirement.
gap in private contributions is for those aged 16 and 24 The figures, released by Her Majesty's Revenue and Customs (HMRC), show that on average men contribute 59.3 per cent of the country's personal pension fund.
That means women contibute 40.7 per cent.
The gap is closing, however, and is narrowest in the youngest age range.
Among over 65s, men pay a huge 71.4 per cent of the total personal pension contribution.
That falls to 62.1 per cent among 55-64 year olds, 60.8 per cent among 35-44 year olds, and just 54.2 per cent among 16-24 year olds.
Taking into account all age ranges, men contributed 65.0 per cent of the total in 2006/07.
The gap actually widened the following year, but since then it has fallen every year.
Employers must into a work-if they meet requirements By 2010/11 women were contributing 36.2 per cent.
That figure rose to 36.5 per cent in 2011/12, 37.5 per cent in 2012/13, 38.4 per cent in 2013/14, 39.3 per cent in 2014/15 and 40.7 per cent in 2015/16.
A law change in 2012 means that employers are now obliged to enrol staff who earn more than PS10,000 and are aged between 22 and the state pension age in a workplace pension scheme.
enrol staffplace pension certain
|Printer friendly Cite/link Email Feedback|
|Publication:||Birmingham Mail (England)|
|Date:||Jan 23, 2018|
|Previous Article:||Relive moment in history at site of the Armistice; your chance to see where war ended 100 years ago.|
|Next Article:||Take a step in the right direction.|