04 March 2010
According to research by Standard Life, half of married men
buying a pension fail to buy one which provides for their wives.
This means that many women face the risk of financial uncertainty
in retirement.
Men opt for single annuities due to the higher income, rather
than providing an annuity which includes a pension for their wife,
should they predecease them.
Mark Polson, Head of Customer Management at Standard Life,
commented: "Women will most likely outlive men, yet are least
likely to have a plan for their money in the future, creating a
pension income gender gap. It's just not enough for a woman to rely
on their partner's pension plans and by not taking control of their
own future, they put their future income at risk."
