Prudential highlights 'vast difference in pensions' between the sexes

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Prudential highlights 'vast difference in pensions' between the sexes

Thu 17th Jun 2010

Prudential has called on female consumers to be more proactive about pensions after highlighting a significant difference in average retirement earnings between the sexes.

Research by the financial services company has indicated that 25 per cent of women planning to retire this year will end up receiving an income of less than £14,000 a year, classifying them as being below the poverty line.

This compares to only 29 per cent of male retirees, with the difference becoming even more pronounced among those aged 65 and above.

Vince Smith-Hughes, Prudential's head of business development for pensions, said the figures show that many are failing to plan their retirement finances properly and called on the government to do more to encourage people to save into pensions.

He added: "It takes time to plan for retirement and to work out what the best way of utilising your funds is so that you have the income that you want."

Last month, Prudential's corporate deal principal Martyn Phillips underlined the importance of thorough independent financial advice before considering opting for an enhanced transfer value on their pensions.

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