Women in the UK are likely to live on
average nine years longer than men in retirement yet most women pay
scant attention to their private pension needs, warns Standard
Life.
Based on the results of a recent survey
Standard Life estimates that only 38% of women in comparison to 50%
of men, plan for their long-term finances.
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In addition, women are less than half as likely
as men to have a personal pension and twice as likely to admit they
have a very vague or no idea what a personal pension is.
The insurer noted that, while many women may
plan to rely on their husband’s private pension fund to provide an
income in retirement, analysis reveals that half of all married men
at retirement will buy a single life rather than a joint life
annuity.
While a single life annuity can provide a
higher income from the outset, this leaves the spouse at risk of
having no income from that private pension fund if their husband
should die first.
