Older Workers' Pension Savings Crunched By Pandemic

Law360, London (May 4, 2021, 5:39 PM BST) -- More than 1.7 million employees aged over 50 are estimated to have reduced their pension contributions because their finances have come under pressure during the pandemic, a leading insurer said on Tuesday.

A study commissioned by Legal & General Group PLC's retail retirement business found that workers in the 50-plus age bracket have reduced their pension savings by £142 ($197) per month on average because of the financial effects of the crisis.

L&G believes that those in their 50s who have not been saving because of coronavirus could be almost £50,000 worse off at 67. This figure rises to £65,000 if the...

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