Women in the UK could be leaving themselves with an insufficient income upon reaching retirement by not saving adequately for a pension, an expert has warned.
Ian Martin, head of pensions and retirement income at HSBC Life states that adequate pension planning is vital for UK women.
"Our own research, issued earlier this year, showed that an astonishing six in ten women are not contributing to a pension scheme, blaming this on not working, or only working part-time," he said.
"This is a very worrying figure, considering that there is a greater need now than ever to take individual responsibility for funding our retirement."
Mr Martin continued that stakeholder pensions are a possible solution for women who have opted to take a career break, possibly in order to raise children.
However, few mothers are taking advantage of the fact that they, their spouse or someone else can continue to pay into a stakeholder pension in their name even when they are not working, he concludes.
The Department for Work and Pensions recently released statistics showing that 85 per cent of men are able to claim a full state pension, compared to 30 per cent of women.
Women could miss out on pensions, expert warns
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Women could miss out on pensions, expert warns
Tue, 15 Aug 2006
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