Carer’s Allowance UK: How Applicants Can Increase Their Pension When Carers Delay | Personal finance | Finances

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Women fight

According to a recent study by Now: Pensions, almost 300,000 more women did not receive a company pension in the past year due to the COVID-19 pandemic. She warned that job losses, home ownership, unemployment and the financial impact of homeschooling all have a huge impact on people’s ability to save for later life.

A total of 2.8 million people from under-retired groups are now missing out on company pension schemes, compared to 2.5 million in 2020. Unfortunately, caregivers are also affected.

Sub-pension groups, which include ethnic minorities, people with disabilities, carers and single mothers, have private pension wealth that is only 15 percent of the UK average.

Lauren Wilkinson, Senior Policy Researcher at the Pensions Policy Institute, commented, “The pandemic is a unique opportunity to observe how economic crises are affecting members of under-retired groups.

“Developing a deeper understanding of how changes in the labor market can affect future retirement outcomes for under-retired groups can help ensure that policies are geared to make them more effective during the recovery from the pandemic-induced economic crisis as well as future crises and changes in the labor market in order to achieve better long-term retirement outcomes. “

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