Wednesday, April 8, 2009

Women Are Retiring £6,600 Worse Off Than Men

Women retiring this year will receive an average £6,642 less a year from their pension than men, a report out today reveals.

The average woman retiring in 2009 will draw an annual pension of £13,671, while men will typically receive £20,313 a year, according to Prudential.

The average retirement age is currently 58, according to the insurer's Class of 2009 survey. But 61 per cent of those questioned did not think their pension and other savings would provide enough income for a comfortable retirement.....

..... The pensions gender gap is caused by a combination of career breaks, lower earnings and savings and a rise in the number of divorced women without a husband's pension to support them, according to Karin Brown, annuities director at Prudential.

She said: "It is still a shock to see so many women retiring at such a disadvantage to their male colleagues, despite all we know about the causes of pension discrepancies between men and women.

"When women have children, their pension contributions reduce significantly or stop altogether, and their state pensions often take a hit as well."

Full story Source The Scotsman 8/4/09


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