Time out of the workforce means that many women get a raw deal from the state pension system. Ian Naismith talks about what needs to be done to resolve this issue
Many women get a raw deal on pensions. They sacrifice career prospects to bring up children and possibly also look after aging parents, and find themselves struggling to make ends meet in retirement, particularly if by then they are widowed or divorced. Many women accept that taking time out of the paid workforce will mean that their private pension is lower than a man's. The Scottish Widows UK Pensions Report for 2007 revealed that only 41% of women were saving enough to provide an adequate pension relative to their current earnings, compared with 54% of men. Since women typically earn l...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes