News Article Published:
Tuesday, 06 May 2008
Category:
Financial Services
Many women are confused about their pension eligibility, research by HSBC has found.
In a sign that financial services marketing could latch onto this trend, only 37 per cent of women surveyed were actually contributing to a pension.
Only 19 per cent of women were aware that they needed to be in work for a full 39 years to qualify for a full state pension.
Meanwhile 38 per cent believe they are only eligible to make contributions if they work.
Ian Martin, head of UK retirement businesses at HSBC notes that many women are "unnecessarily" restricting their contributions.
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."
According to research by the Times, up to 500,000 women that gave up work to look after their kids could be entitled to £1 billion in unpaid state pensions.
Meanwhile less than half of those questioned in the HSBC poll were aware that their husband can also contribute to their pension.
<< back to latest industry news