Women ‘are not contributing to their pensions’

Women could be running the risk of debt in retirement by not contributing to their personal pensions, an industry expert has warned.

Laura Goodman, director of corporate communications at Rockingham Retirement, said that there is a distinct gender gap when it comes to saving for life after work.

She noted that pension scheme advertising is generally geared towards the male population and women may tend to leave financial matters to their husbands.

Mothers who stay at home to look after the children, she added, are not supplying funds to their savings.

Ms Goodman explained: “They are going through years of not contributing towards a pension and they are leaving themselves very vulnerable.”

Statistics supplied by Standard Life at the beginning of the month showed that half of all married men bought a single life annuity when they retired – a move that would leave their wives with no private pension if the man was to pass away first.

By Joe Shervin