Retiring Private Sector Workers Could Be Disadvantaged

Law360, London (April 26, 2021, 5:27 PM BST) -- Private sector employees may be at a disadvantage when they retire compared with public sector workers, unless action is taken to accelerate the buildup of their newer pensions, a consultancy business has warned.

A report by Lane Clark & Peacock LLP said on Saturday that the differences in retirement fortunes is linked to private sector workers taking longer to build defined-contribution workplace pensions than people working in the public sector, who have traditional defined-benefit pensions.

Private businesses have only recently started to offer workers defined-contribution schemes under automatic enrollment. But there is a concern that it will take a long time...

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