Over 60s losing up to £1.75bn by opting out of schemes

Pedro Gonçalves
clock • 2 min read

Savers over the age of 60 are throwing away up to £1.75bn in pension contributions by opting out of their workplace schemes, according to figures from Royal London. Analysis of Royal London's auto-enrolment book shows that while opt-out rates remain below 10% across most age groups, they rise significantly for the over 60s with almost one in four (23%) choosing to opt out. This is in line with figures issued by other auto-enrolment providers, such as National Employment Savings Trust (Nest). According to calculations from Royal London, an individual in their 60s on the average wage pa...

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