Women and pensions
As from November 2018, the State Pension age for women rose to 65, matching the retirement age for men for the first time. This equalisation of the State Pension age at 65 is the first step towards a rise to 66 for both sexes in October 2020.
Many campaigners feel that the accelerated timetable for equalising State Pension age has hit many women hard. The campaign group, Women Against State Pension Inequality (WASPI) has protested outside parliament on numerous occasions.
PREPARING FOR THE FUTURE
A recent survey1 has shown that just 54% of women were saving adequately for retirement, with around 18% not saving at all. The report showed that at every stage of life, men outpaced women in the amount they had saved. In around 85% of households, it’s the norm for women to take care of the finances and budget for the important things in family life. However, it seems that they aren’t always as focused as they should be on building up their pension for the future.
1Scottish Widows, 2018
A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.