Those with multiple part-time jobs will average a private pension wealth that is just 6.1% of the average worker’s, according to research conducted by the Pensions Policy Institute (PPI).
The report, conducted by NOW: Pensions, found people aged between 55 and 69 who hold multiple jobs at under £10,000 in each role will save a pension of just £12,400, compared to the average man’s £203,200.
By using figures that suggest multiple job holders earn 39% less than the UK average population, the research states that even when state pension and other benefits are taken into account they will earn £210 a week, instead of the average £390.
The study also provided information that 85% of self-employed citizens do not save into a private pension.
Moreover, those who do will only achieve a pension worth 77% of the pension wealth of the UK average population.
Andy Chamberlain, director of policy at the Association of Independent Professionals and the Self-Employed (IPSE), said: “This research is both very valuable and very concerning, chiming with our own past findings about the lack of pension saving among the self-employed.”
NOW believes that many workers are missing out due the Automatic Enrolment (AE) into pension schemes only being triggered once a worker earns over £10,000.
Joanne Segards, chair of trustees member at NOW, said: “NOW: Pensions is calling on the government to make significant policy changes to improve the later life outcomes for the self-employed and multiple job holders.
“If auto enrolment were to start from £1 of earnings and include cumulative income from multiple jobs this would allow 106,000 people to benefit and increase pension wealth by 175%.”