Not working is no excuse, says pension provider
Almost two million women are losing out on potential pension income, according to HSBC.
Despite the number of women not planning for retirement having nearly halved since 2005, women’s understanding of retirement planning has not improved. HSBC estimated that 38% of women incorrectly believe that they have to be working to make pension contributions. In addition, less than half of women questioned (46%) were aware that a husband or wife can contribute to their partner’s pension, even if they are not working.
Ian Martin, head of UK retirement businesses at HSBC, said: “We want to ensure that women are realising the sort of retirement income they are hoping for. Factor in that women will generally be retiring around the age of 65 and living on average until they are 88 years old, that’s 23 years of retirement to fund.
“It’s important to get the message across that you don’t have to be earning yourself, or working full-time to keep a pension scheme going. You can contribute to a scheme even if you are not working, or your partner, or someone else, can keep up the contributions for you.”