Women urged to open pension accounts

Thu, 29 May 2008

Women should make sure that they have their own pension accounts in place in case of divorce, one expert has warned.

According to Ruth Whitehead, principle adviser for Ruth Whitehead Associates, many women do no have their own pension account, something which means they are sacrificing their own future.

She said: "Traditionally there has been an understanding that the husband's pension will provide for them both later on. But for anyone in the twenty first century, there's absolutely no guarantee that your marriage is going to last that long."

Attempting to obtain some of their husband's pension provision during divorce proceedings is "painful and difficult to do", she added.

For this reason women should focus on building up their own pension savings to secure their long-term future, she added. Women might also want to open their own individual savings account, she concluded.

The latest figures from the Office for National Statistics show that the divorce rate in 2006 was at its lowest rate since 1984.
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