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Women's pensions to be hit in 2009
08/04/2009
Women's pensions are expected to be hit hard this year as a £42 billion shortfall hits their retirement savings, new figures from Prudential show.
According to the Prudential Class of 2009 retirement survey, each of the 2.76 million women in the UK retiring this year will get £6,642 less in their annual pensions compared to men.
The women will receive an average annual pension of just £13,671, while men expect to fetch an average pension of £20,313.
Karin Brown, annuities business director at Prudential said: "The gender gap has become so firmly established because women have historically earned less than men and still earn around 17 per cent less."
She also said the situation is likely to be exacerbated by the rising divorce rate, which could bring about an increase in women "without a spouse's pension to fall back on".
This is likely to impact upon future wills and estate planning. Women in Northern Ireland can talk to their solicitors who can among other things advise them on effective inheritance tax management or estate administration.
Contact us for legal advice
According to the Prudential Class of 2009 retirement survey, each of the 2.76 million women in the UK retiring this year will get £6,642 less in their annual pensions compared to men.
The women will receive an average annual pension of just £13,671, while men expect to fetch an average pension of £20,313.
Karin Brown, annuities business director at Prudential said: "The gender gap has become so firmly established because women have historically earned less than men and still earn around 17 per cent less."
She also said the situation is likely to be exacerbated by the rising divorce rate, which could bring about an increase in women "without a spouse's pension to fall back on".
This is likely to impact upon future wills and estate planning. Women in Northern Ireland can talk to their solicitors who can among other things advise them on effective inheritance tax management or estate administration.
Contact us for legal advice
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