HSBC: Pensions still confusing for some

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HSBC: Pensions still confusing for some

Wed 7th May 2008

HSBC has found that there has been a significant increase over the past three years in the number of women paying into a pension.

In 2005 37 per cent of women aged 18-60 questioned by the bank were contributing to a pension - now, that figure stands at 54 per cent.

However, HSBC's research also revealed that the extent to which women understand retirement planning has not improved at all in the same period.

Some 38 per cent of respondents incorrectly believed they have to be working to make pension contributions and less than half were aware that a husband or wife can contribute to their partner's pension.

Ian Martin, head of UK retirement businesses at HSBC, commented: "Our research is very encouraging, in that it shows women are increasingly taking control of their own retirement planning."

However, he added: "Many women are potentially missing out as they are still confused about when they can pay into pensions and who can pay into pensions."

In other news from HSBC, the bank announced last month that it would cut its standard mortgage rate by 0.25 per cent.

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