Pension calculator provider Prudential urges people to fund their own retirement

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Pension calculator provider Prudential urges people to fund their own retirement

Consumers should try not to rely on their partner's savings to fund their retirement, according to a Prudential source.

Vince Smith-Hughes, head of pensions development at the firm, described it as an "extraordinarily risky strategy" to take this approach.

He pointed out that people will only have the "meagre" amount provided by the state to live on, aside from their husband or wife's retirement savings.

Mr Smith-Hughes made his remarks after research by the organisation found 28 per cent of women aged over 40 who are not retired will be relying on their partner's pension when they finish employment.

"While they're still working and have got many years to go before they retire, then now is the time to take control of the situation," he added.

Last week, Prudential announced it has become the exclusive investment bond provider for Santander, with the company suggesting it will strengthen its multi-channel distribution strategy.

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