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.
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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.
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New research from WEALTH at work has uncovered the varying impact the pandemic has had on retirement plans.
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Pension scheme members now have to grapple with a multitude of risks which have become increasingly complex and uncertain.
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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
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Examples from WEALTH at work for someone in their 20s earning £20,000, £40,000 and £55,000 p.a.
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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.
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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.
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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 .
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New figures from HMRC show 360,000 people withdrew from their defined contribution (DC) pensions throughout October, November and December 2020.
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