You are here: Home - Retirement -

Hike in pension threshold to hurt women

0
Written by:
19/12/2012
Pensions minister says women will be hit hardest when the auto-enrolment threshold is raised.

Figures released by the Department for Work and Pensions confirmed that three-quarters (76%) of workers excluded from auto-enrolment when the threshold is lifted from £8,105 to £9,440 in 2013-14 would be women.

In all 320,000 women out of a total of 420,000 individuals would be left out from the process when it is introduced.

Replying to a written question from shadow pensions minster Gregg McClymont, Webb said: “We estimate that there are 11 million workers eligible for automatic enrolment into a workplace pension of whom 37% are women.

“Raising the value of the earnings threshold at which individuals become eligible for automatic enrolment, from £8,105 to £9,440 would exclude around 420,000 individuals, of whom 320,000 are women.”

However, the Liberal Democrat minister also noted that these people were still eligible for entry into a workplace pension.

“Anyone who is not automatically enrolled because of an increase in the earnings threshold will retain the right to opt in,” he said.

“If they earn above the lower limit of the qualifying earnings band, which currently stands at £5,564, they will also get an employer contribution. Employers are required to provide information about these opt in rights to individuals,” he added.

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Insurance Experts: Are you fully insured? Click here to get a quote.

For a free quote or to speak with an insurance expert call 0800 1218744

Ex-cons reveal exactly what would stop them breaking into your car and home

With four in ten thefts committed by opportunists, ex-cons reveal what security devices and factors would stop...
Ex-cons reveal exactly what would stop them breaking into your car and home

Tesco expected to post significant write-offs

Tesco is predicted to unveil the biggest loss in its 100-year history, according to analysts.
Tesco expected to post significant write-offs

Why selling on eBay just got more expensive

Thousands of people selling goods on eBay will see the cost of using the site increase. Here are the best alte...
Why selling on eBay just got more expensive

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

Tesco expected to post significant write-offs

Tesco is predicted to unveil the biggest loss in its 100-year history, according to analysts.

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2233003-shutterstock-96236249
ASA bans Health Lottery ad over mortgage promise

The Advertising Standards Agency has banned a lottery advert on the grounds it depicted its £100,000 prize as a solution...

Close