UK women heading for pension problems, says survey
Summary of story from The Huffington Post, November 1, 2011
New research has found that nearly half the women in the UK over 40 who live with a partner have no pension of their own.
The survey, by retirement experts Prudential, found that 46 per cent of women aged 40 and cohabitating face relying on their partner’s pension.
Vince Smith-Hughes, head of business development at Prudential, said this approach could cause trouble if the couple do not discuss the situation.
And it could lead women into financial trouble, he said, especially if they outlive their partner.
The Prudential survey suggested couples in the UK are “sleep-walking into retirement poverty” as they have no idea how much cash they will need to live on.
A Department for Work and Pensions spokeswoman said: “We know people are not saving enough to have the lifestyle they want in retirement.”
“That’s why reforming the system is so crucial – we want to make it simpler so people understand how much they need to save, and fairer so women are not penalised for taking time off to care for their families.”