Prudential panel discussion
On 4 July 2012, Marta Phillips, TPAS's chief executive officer, took part in a panel discussion regarding the pension savings gap experienced in particular by women. The panel explored the issue and made suggestions regarding how the problem could be addressed.
The points that Marta discussed with panel members included:
- Women need to be brave and make a decision to start pension saving;
- Women need to be given pensions information that they understand;
- Sometimes people buy single life annuities at retirement, not realising that when they die, the pension will stop and their spouse will get nothing;
- With respect to pension saving, doing nothing is not an option;
- Financial education should ideally begin in schools; and
- It would be helpful if the financial press was more positive towards pension savings, steering away from a negativity which might deter people from saving.
The other panellists were Helen Morrissey editor of Retirement Planner, Helen Dean, managing director of NEST corporation and Deirdre Flood, senior operations director at Prudential.
If you would like to discuss a pensions issue, TPAS runs a helpline specifically for women which you can call on 0845 600 0806.