Trustnet Magazine 58 January 2020 | Page 8

Cover story
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“The amount of savings Sarah has accumulated is a lot
less than her husband, partly because she earned less
than him, partly because she never saved during that
period of self-employment”
several small pension pots of which
she has lost track.
Sarah would now like to stop
chief executive Helen Dean calls Sarah
working and spend more time with
“an inertia saver”. She is not engaged
her grandchildren. As a result, she has
with her pension, so auto-enrolment
reconnected with her various pension
is something she likes because she
pots, but was disappointed by what
doesn’t have to think about it. The
problem is she is only auto-enrolled in she found. “The amount of savings
one of her jobs because of the £10,000 Sarah has accumulated is a lot less
eligibility threshold and so, “like many than her husband, partly because she
other low earners, particularly women, earned less than him, partly because
she never saved during that period of
she’s losing out on the opportunity to
self-employment,” says Dean.
save and on employer contributions,”
“That’s making her feel vulnerable
says Dean.
and dependent on her husband
Sarah, aged 58
in a way she never has in the past.
If we fast-forward to Sarah at the age of Sarah wants to turn her pension into
58, we can see what kind of retirement a steady, dependable income. But
she could achieve with what she has
she hasn’t a clue how to do that, and
saved over the years. Sarah got married finds the prospect of financial advice
and had three children, working in a
unaffordable and a bit frightening.
total of seven jobs. There are several
gaps in her history of pension
contributions because she
stopped saving while on
Women’s pension
maternity leave and
income was
when she became
self-employed for
a period of time.
Over the course
of her career, she
lower than men’s in
accumulated
39.9%
2017/2018
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