‘Why I’m one of millions of UK adults not paying in’

The government has announced that almost half of the working age adults did not pay for private or workplace pension.

Self -employed, low winners and women Less likely to have their own pensions -There is only one -quarter of a person with Pakistan or Bangladesh background.

BBC spoke to some of those who do not have a workplace or a special pension to find out why.

“I’m more concerned about worrying about the future of daily survival, Mohaimon, 29 -year -old Mohaimon says.

Originally from Bangladesh and now in London, he gets business in the hospitality sector when things come and when things come.

During the university, he worked retail and automatically recorded a pension plan -but he stopped when he noticed that he could not use the money until he retired.

“The dream of having a good job and paying for a pension does not feel like it is valid to me, or he says. “Most of my financial decisions are based on survival – this is my reality.”

“Even if I find a good job with good retirement advantages, I prefer to save for a deposit for a home.

46 -year -old Saira Amir is a self -employed stylist in Norfolk. He says he can afford to save for a retirement – but he struggles to cover his daily expenses.

They have three children, all of them living at home with 21, 20 and 11 years.

“This is risky to have a self -employed in this business, or he says. He wants to open his own hall, but he says it’s a big cost he doesn’t yet.

Single Mother gets universal loan – Paying a benefit for working age people.

However, it covers food and 5 £ bus fees a day to reach customers and is not “enough” to save a pension.

Saira adds that the Pakistani family will rely on children to look at them in their retirement in their previous generations, but with their children, “I don’t know their mentality,” he adds, so he doesn’t expect the same thing.

Those who do not have a private or workplace pension may have to rely on the state pension.

In general, you need 35 -year -old national insurance contributions to obtain a full state pension.

This week is £ 230.25, which is equal to 11,973 £ per year in 2025/26 tax.

However, the annual income required for the minimum retirement living standard was £ 13,400 per year and £ 21,600 for association estimates.

Since it calls a “middle” lifestyle, a single person needs £ 31,700 per year, while two people need £ 43,900.

For a “comfortable” retirement, one annually for one is £ 43,900 and £ 60,600 for two people.

All employers should provide a workplace pension plan to their personnel and register the ones that meet certain criteria automatically.

It includes people who earn at least £ 10,000 per year and are between the age of 22 years and the age of 22 years of retirement. However, it is not those under 22 years of age and have self -employed.

If the workers do not want to save, they can disable them. Otherwise, 5% of its earnings are automatically recorded in a pension vessel above 6.240 £ above and 3% of employers from employers.

The idea is to encourage an earlier retirement savings to fill the pension in the later life. It has been seen that relatively few people have been successful since the progressive promotion in 2012.

Those who pay a workplace pension also receive tax reductions that they pay.

“So if you are a basic rate of taxpayers to pay 20% income tax, it means that you get a 20% tax reduction for your pension contribution,” Hargreaves Lansdown said.

“This means that the contribution of a pension of 100 pounds will cost you only £ 80.”

“For a higher rate of taxpayers to pay by 40% that the contribution of £ 100 will cost only 60 £.”

38 -year -old Victoria Olsena says that “barely does not know anyone” who saves for retirement.

“People should understand that the future will be terrible and that they should do something about it, or he says.

Originally from Argentina and now a British citizen in England a few years later, Victoria has its own AI marketing consultancy, which earns £ 50,000 a year.

He pays a pension and a Jesus and says he wants to start paying an earlier pension.

“Pension may feel like a long distance, and it may mean that you give priority to other things for your money.

“But exactly this long -term, really increases the value of your contributions to your pension.

“Coping earlier will really help you, because it can be difficult to make a lost floor later.”

Additional reports by Connie Bowker and Kevin Peachey.