Personal Pension  

Women at risk of retirement poverty, says Sykes

Mr Sykes, communication consultant at employee benefit and pensions consultancy Shilling Communication, said women are not doing enough to save for their retirement and are too reliant on joint savings with their spouse, which could lead to poverty in old age.

He said: “The simple truth is we need to communicate pension options to women more clearly and encourage more to save now, before the rainy day comes.

“For instance, in instances where women have taken time away from work to raise children, they should be better educated about their options - as they could be missing out on pension savings by paying lower percentage contributions.

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“There are many misconceptions when it comes to women and their pensions, so as an industry it is important for us to challenge these perceptions and provide useful communication about retirement savings.”

Adviser Comment

Philippa Gee, managing director of Shropshire-based Philippa Gee Wealth Management, said: “I do think that women’s pension contributions were a big problem up to a couple of years ago, but from my experience, there is a greater amount of awareness now.

“You can’t just flick a switch, but I do see the beginnings of a gradual change.”