TPAS launches survey to gain womens views on saving for retirement
Today The Pensions Advisory Service is launching its latest initiative to help women save for their retirement. Although many women are currently saving for retirement, from our experience of helping members of the public, women tend to have lower pensions than men. This is usually due to lower salaries and taking time off work to raise children or care for a relative.
To help ensure that the right guidance is provided, we are issuing a new leaflet for women and their pensions. In addition, we are also launching a survey to capture the specific areas that affect women the most when it comes to pensions. This will help tailor future guidance provided to women so that it is at its most effective.
We are working in conjunction with a number of organisations such as SavvyWoman and Age UK so that we can reach as many women as possible and to understand what the most pressing issues are today.
Sarah Pennells, founder of SavvyWoman.co.uk said:
“I get more questions about pensions than any other subject. Women get in touch because they don't know how to start saving for retirement, are worried that they are not saving enough or want to make the best of the pension they have at retirement.
“The recent and planned changes to state pensions have left many feeling confused and I often refer them to The Pensions Advisory Service because I know the information they'll get will be clear and relevant. The women and pensions leaflet is a fantastic resource for women of all ages.”
Partha Dasgupta, Chair of The Pensions Advisory Service said:
“The survey should help us tailor our services to help women and provide them with the information they need to improve their retirement outcomes.”
Rt. Hon. Baroness Hollis of Heigham, a Board member at The Pensions Advisory Service said:
“Most women do not save for a pension. They don't always realize just how important that is. They are put off by all the jargon, they are often in low paid part time work, and money is tight. So they rely on a husband if they have one or the state pension if they are entitled to one.
“When they come to retirement, women may then find that they have little or no pension of their own, and face poverty in older age. We need to know how best to help women save - and the survey, coming at a time of great change in the pensions field, will be key in finding out what information women need, what obstacles women face and how they might be overcome.”
To complete the survey and download the leaflet visit our women and pensions section on our website.