More than half of UK adults (51%) say that the pandemic has made them more conscious of the need to save more, with over a quarter (26%) saying it has made them recognise that they do not have enough savings, according to a new survey of working adults by WEALTH at work.
New research from WEALTH at work has uncovered the varying impact the pandemic has had on retirement plans.
Pension scheme members now have to grapple with a multitude of risks which have become increasingly complex and uncertain.
Someone aged 45, with a pension fund of £400,000 and a salary of £50,000, could have a pension fund of £1,381,000 by the time they retire at 65
Examples from WEALTH at work for someone in their 20s earning £20,000, £40,000 and £55,000 p.a.
Latest reports from The Office for National Statistics have indicated that in February 2021, the number of payroll employees had fallen by 693,000 over a 12 month period.
Latest figures from HMRC have revealed that 360,000 people withdrew from their defined contribution pensions throughout October, November and December 2020 which is a 10% increase on the same period last year.
These uncertain times are often seen as a window of opportunity for scammers looking to prey on vulnerable individuals, with a recent report by Action Fraud finding that pension scams had become one of the most common types of fraud to occur last year.
New figures from HMRC show 360,000 people withdrew from their defined contribution (DC) pensions throughout October, November and December 2020.
Latest reports from The Office for National Statistics have indicated that Covid-19 is continuing to drive job losses across the UK.
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