Those on lower incomes 'less likely to have pension'

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Those on lower incomes 'less likely to have pension'

Employees on lower incomes are less likely to put money into pension funds than their higher-earning counterparts, it has been discovered.

Figures from the Office for National Statistics (ONS) found that just 21 per cent of men and 32 per cent of women earning under £300 a week participate in employer-sponsored pensions.

The reason why women are more likely to have a pension fund is because the trend of contributing to these is higher in the public sector, in which females typically outnumber men, the ONS said.

Overall, 1.7 million males were earning less than £300 a week, the figures show, with 79 per cent of these not participating in their company's pension schemes.

Firms which are considering encouraging their employees to start saving funds towards their retirement may be interested in HSBC's business pension scheme, which offers users 100 per cent capital and growth protection.

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