Scottish Widows: Pension investment growing

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Scottish Widows: Pension investment growing

Scottish Widows has announced that the economic downturn has seen people investing more money into their pensions.

Head of pensions market development at the company Ian Naismith noted that men are putting aside more money than their female counterparts.

He pointed out that this trend has been the same for several years now and indicates that women need to be saving more for retirement.

Mr Naismith pointed out that irrespective of gender, people should save 12 per cent of their salary in order to enjoy a comfortable retirement income.

"The issue of pensions is a vicious circle, but they need to try and prioritise saving for retirement," he added.

Women also have more non-mortgage debt than men which exacerbates the problem, commented Mr Naismith.

This week, the Association of British Insurers unveiled a document which proposes that people have automatic early enrolment into pension schemes, as well as increased flexibility over the purchase of annuities.

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