Women embracing pension accounts

Mon, 12 May 2008

More UK women than ever have pensions but many are still missing out, new research shows.

According to research by HSBC, 54 per cent of women aged 18 to 60 are now contributing to a pension, compared to just 37 per cent in 2005.

However, it also found that there are many misconceptions surrounding pensions with 38 per cent of women believing that they must be in work in order to pay money into an account .

Ian Martin, head of UK retirement businesses at HSBC, said: "Our research is very encouraging, in that it shows women are increasingly taking control of their own retirement planning .

"Yet many women are potentially missing out as they are still confused about when they can pay into pensions and who can pay into pensions."

Earlier this month, research by Merchant Investors found that many advisers are still confused about regulations relating to self invested personal pensions .
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