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Chapter on 'under-pensioned' BME people launched in parliament
13 September 2011
Runnymede's analysis of pensioner poverty and barriers to pension saving among black and minority ethnic (BME) people was launched in parliament on Tuesday 13 September. It is included in a collection of essays on under-pensioned groups edited by Rachel Reeves MP, Shadow Pensions Minister, and published by the Smith Institute
The chapter points out that older BME people are more likely to experience pensioner poverty and less likely to have a private pension. Disadvantage in the labour market is a big reason for being under-pensioned, with BME people overall more likely to be unemployed, or employed in low-wage industries with poor pension coverage. Further, some groups, such as Bangladeshi and Pakistani people, are more likely to be self-employed in low-income industries, which is a further barrier to having a decent pension.
Attending the launch was Pensions Minister Steve Webb MP, who outlined two major reforms to pensions currently in development. The first is an improved flat-rate state pension, which would encourage people to save into a private pension without fear of losing out through means-testing. The second is automatic enrolment of low and middle income employees into workplace pension schemes, due to start in 2012.
Read the chapter for free on the Smith Institute website
To discuss the chapter, please contact the authors Phil Mawhinney and Omar Khan. Also, read our previous reports on pensions, savings and assets.
