Scottish Widows campaigns for women and pensions
Scottish Widows has urged the Government reconsider its policy on women and pensions, it was revealed today.
In 2006, the Government unveiled plans to introduce a national pension scheme, called Personal Accounts, which aims to encourage workers earning in excess of £5,000 to save for their retirement. The scheme is due to come into effect in 2012.
Scottish Widows has today urged the Government to remain committed to the scheme, due to be read in the Pensions Bill next week, in particular to the £3,600 annual limit on contributions. It has also however, insisted on amendments being made for older women and pensions.
Ian Naismith, head of pensions market development at Scottish Widows, said: “One issue that Scottish Widows has campaigned on for some time is women and pensions. The Government is failing to follow through on Baroness Hollis’s amendment that older women should be allowed to buy back up to nine years of missed national insurance contributions that would boost their eventual state pension.”
He added: “This makes it more likely that women close to retirement could lose out on means-tested benefits if they’re auto-enrolled into Personal Accounts. According to the Scottish Widows Pensions Report, almost a third of women (31%) are not saving anything for retirement.”