Women are more likely to opt out of workplace pension schemes
Women are more likely to opt out of workplace pension schemes than men, according to a study by Now Pensions.
Analysis of Now Pensions’ members at the end of 2017 found that women of all ages are more likely to opt out of their pensions than men. Nearly one in ten women (9 per cent) opted out compared to 7 per cent of men. As women get older, their propensity to opt out also increases.
Most likely to opt out are 60-64 year old women, as figures show only 62 per cent of this demographic remain in their workplace scheme compared to 70 per cent of men. The overall opt out rate for 60-64 year olds is 33 per cent.
Men aged 22-29 are least likely to opt out of workplace pension saving with just 3 per cent opting out. This compares with 5 per cent of women in the same age group. The overall opt out rate for 22-29 year olds was 4 per cent at the end of 2017. Read more.