Enhancements to women's pension provision will decrease the importance of joint life annuities according to pensions minister Steve Webb.
When asked by a delegate at the Marketforce Future of Life and Long Term Savings conference how to increase uptake of joint life annuities the minister said the introduction of the flat state pension coupled with auto-enrolment meant women would be building good levels of pension in their own right.
"I'm not sure I'm as troubled by this issue as you are as there is increased focus on individuals developing good pensions in their own right," he said. "We've moved on from the days when the husband had the pension and a wife had a husband."
However, Legal & General's pensions strategy director Adrian Boulding said more focus was needed on boosting uptake of joint life annuities.
"I think this is a big gap in the industry and something I think is wrong," he said. "People are still making the decision of taking more money today and leaving nothing for their spouse. What about women who stay at home? Reform might get them to £140 a week but that still isn't very much."
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