By Marcus Leach

A report published by the Office for National Statistics (ONS) has revealed that low earners could end up in poverty in later life.

The concern is that low bracket earners are not able to afford pension payments, with only 16% of men and 27% of women employed full-time on less than £300 a week in a pension scheme.

The 'Pensions Trends' report shows that the rising cost of living in the UK is preventing many people from being able to contribute to a pension scheme.

Data released by ONS also revealed a decrease in private sector pension schemes.

Figures for 2010 showed 39% of male employees and 28% of female employees working in the private sector had pension schemes, in comparison to 1997, where 52% of male employees and 37% of female employees belonged to a pension scheme.

Join us on
Follow @freshbusiness