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Gay elderly more likely to rely on private pensions: Stonewall

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Lesbian, gay and bisexual people are far more likely to rely on personal and occupational pensions than their heterosexual peers, research from LGB equality group Stonewall says.

According to Stonewall’s LGB in Later Life survey, LGB people are more likely to have plans in place to meet their financial needs later in life, and they are more likely to remain in work until after the age of 70 than heterosexual people.

A majority of 84% of gay and bisexual men and 79% of lesbian or bisexual women said personal or workplace pensions will be an important part of their future income, compared to 73% of heterosexual men and 58% of heterosexual women.

By comparison, heterosexual people are far more likely to cite financial support from a partner as an important source, particularly heterosexual women. Heterosexuals are also more likely to depend on children for financial support in retirement as they are at least twice as likely to have children, the report said.

Planning for retirement is more likely among LGB people than heterosexual people in various economic groups, Stonewall said.

At the same time, heterosexual people are more likely to cite their property as an important source of retirement income than LGB people, the study found.

Stonewall said LGB people are more likely to retire later than heterosexual people.

According to the survey, 67% of LGB people aged 55-59 are in paid employment compared to 52% of heterosexual people of the same age.

In older groups, 15% of LGB people over 70 are in work compared to 6% of heterosexual people of the same age.

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