HSBC Pensions: women missing out

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HSBC Pensions: women missing out

Mon 14th Aug 2006

Some six in ten women are not contributing to a pension fund and may be missing out on pension tax relief, according to latest research from HSBC.

HSBC estimates that thousands of women in the UK who take career breaks to have children are missing out on tax benefits that stakeholder pensions can offer.

Research shows that a high number of women do not pay into a pension and mistakenly believe that they must be working in order to do so.

Figures show that 66 per cent of those questioned acknowledge that a husband or wife can pay into their partner's pension scheme even if they are not working.

"While there has been some improvement in the level of understanding around pensions, the number of women delaying contributions or not contributing to a pension at all is worrying," Ian Martin, head of pensions and retirement income at HSBC Life, said.

"This will seriously compromise their final retirement fund - particularly for those women who stop making contributions for a number of years while raising their children at home."

Mr Martin went on to comment that stakeholder pensions are a great solution for women who have opted to take a career break to raise childen.

"However, very few mums are taking advantage of the fact that they, their spouse or someone else can continue to pay into a stakeholder pension in their name even if they are not working," he concluded.

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