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A third of women still without a pension

gender symbolFresh research into the gender pensions gap shows that 34 per cent of women claim not to have a pension plan, while the figure for men is just 17 per cent.

Figures from Willis Owen states that of the women without a pension, 41 per cent have no intention of starting one, while the figure for men is 34 per cent.

Seventeen per cent do not intend to start paying into a pension until they are at least 40, compared with 13 per cent of men, and 9 per cent do not plan to start until they are over 50, compared with 4 per cent of men.

Of the workers without a pension plan, 65 per cent say they will be reliant on the state pension while 34 per cent believe they have enough savings, and 21 per cent will be relying on their partner’s pensions, saving and investment. Almost one in five (17 per cent) claim they will not be able to stop working.

The research among 1,070 UK adults in June this year shows that 14 per cent do not know how they intend to pay for their retirement.

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Willis Owen head of personal investing Adrian Lowcock says: “It’s understandable that people are opting to focus on their financial needs today, such as getting on the property ladder, as opposed to financing their needs in retirement when they stop work. However, it’s alarming to see so many people without pension plans, or who have stopped paying into them. Not only are they missing out on generous tax benefits provided by savings into pension schemes, the reality of many of them is that they will never be able to stop work and enjoy a retirement.

“It’s never too late to own your financial future and start saving into a pension scheme.”

The research also shows that 35 per cent claim to have stopped paying into a pension scheme over the past 12 months, with 28 per cent of those stating they could no longer afford it. One in five said they would rather use the money for other purposes and 14 per cent would prefer to use it to help get on the property ladder.

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