Pensions can be a divisive topic, with some people prepared and clued up about their pension, while other people worry about their retirement funds.

Many of us have workplace or private pensions, on top of state pension provision. While planning a pension, it’s also sensible to arrange a Power Of Attorney Online via specialists such as Power Of Attorney Online in order to safeguard your future.

While most of us know the basics about the different sorts, there are some little-known facts about pension provision which most people aren’t aware of. Let’s take a look at some interesting facts surrounding pensions and how these may impact you.

Gender Gap

We’re not talking about the pay gap here, but the life expectancy: women live three years longer than men, on average. It stands to reason then that a secure pension pot is of even more importance as our population ages.

Male and Female Pay

OK, now we’re talking about the gender pay gap. Unfortunately, it’s still true that men out-earn women overall, and this applies to pensions too, with women on average receiving £7,500 less per year in their pension.

Auto-Enrolment

Thanks to mandatory auto-enrolment which began in 2012, six million people are now paying into a pension.

Later Life Working

Preparation is key when it comes to pensions – and if you’re not prepared, you may face the prospect of working into much later life. It’s quite possible that today’s younger generation will work until their 80s.