Women face pensions crisis, experts say

Mon, 19 Jun 2006

Women in the UK have been urged to act to start a personal pension plan.

A six-year delay in starting to save could cause a 30-year-old woman planning to retire at 65 to lose £580 a year in pension income, warns consumer watchdog Which?.

However, Which? states that reducing the time needed to build up a state pension to 30 years, along with a new system whereby pension credits are given for caring for children or relatives means that by 2010 70 per cent of women will qualify for the state pension.

The advice comes from The Pension Handbook, a guide developed by the company to provide advice for personal pension plans and state pensions.

Jonquil Lowe, author of The Pension Handbook, commented: "Women have tended to have less income in retirement than men and it’s good to see the government addressing this imbalance.

"But women must take action now to build a decent pension. Waiting until 2012 will lose them significant amounts of money."

Which? campaigns for consumer rights in all areas of finance and states the The Pension Handbook is the "essential guide" to pensions planning.

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