Berwick constituency facing a wave of retirement, data shows
The Berwick constituency has the highest proportion in the UK of residents aged 55 to 64, who are most likely to be facing complex decisions about how to use their pension pot.
At 16.08 per cent, the 12,028 55 to 64-year-olds living in England’s most northerly constituency mean it has the highest proportion of people in that age group in the country, who could benefit from proposals to help savers make good decisions.
Another rural Northumberland constituency, Hexham, is third in the list, at 15.41 per cent.
Those aged 55 to 64 are most likely to be facing the complex decision about how to use their pension savings and a Government Bill heard in the Commons on Monday aims to help them make sense of these difficult choices by automatically enrolling them into free and impartial pension guidance.
The Bill aims to address concerns that, despite their best endeavours, many people do not make the best choices when faced with the complicated task of working out how to make good use of the pension pot they have spent decades saving up.
Research conducted by Just Group reveals that 37 per cent of 55 to 64-year-olds find pensions difficult to understand, equivalent to 4,500 people in the Berwick constituency, and a quarter do not feel confident to make the right decisions about pensions – 3,000 in Berwick.
Stephen Lowe, group communications director at Just Group, said: “Pensions are hugely important and have a big effect on people’s quality of life in retirement.
“Encouraging people to spend a little bit of time speaking to an impartial and independent guide will help savers understand their options and draw their attention to the risks they face, such as scams and the risk of paying too much tax.”