Cashpoint

One in four older workers is missing the chance to more than double their pension savings.

NOW: Pensions research reveals that over-55s are three times more likely to opt out of auto-enrolment than younger workers – 22% compared to 7% for those aged under 40.

A typical 57-year-old, earning an average £27,000, would end up with pension savings of £422 over a year if they contributed 1% of their salary (above £5,865) and it was topped up by 1% from their employer and tax relief.

That’s compared to £169 if they saved the same amount in a bank account and missed out on tax relief and their boss’s contributions.

NOW: Pensions policy director Adrian Boulding believes pension providers are failing to communicate the benefits of auto-enrolment to older workers.