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What about pension options for women?

Enable’s Independent Financial Advisors inBishop’s Stortford have been surprised by a recent survey that suggests that, “Women are less likely to make informed decisions about their retirement due to a lack of understanding and disinterest in seeking advice”. One of the big retirement solutions organisations MGM who specialises in income retirement solutions and offer a flexible income annuity and an enhanced annuity, with these products holding a 16.58 per cent and 4.29 per cent market share respectively recently published their study. The research, which was collected from the views of over 2,000 men and women over 55, suggests that only 40 per cent of unretired women aged 55 and over said they would value expert financial advice at retirement, compared to 52 per cent of men. The study also reveals that women are worse at predicting how long they will live. Women approaching retirement age underestimated their life expectancy by 10 years, compared to 5 years for men.
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 Shockingly “Nearly half of the women surveyed also admitted to having no knowledge of retirement products and services, while just 34 per cent of men said they were unaware of their options”.
As a result the study concludes that women will be “hardest hit” by the Budget reforms, which place a greater onus on individuals in making decisions about their retirement options. Andrew Tully a pensions specialist said in response: “The recent reforms have given retirees more freedom and increased their choices, but this means decisions are more complex so understanding the options available is more important than ever.” Enables IFA’s are more than happy to talk to women about their financial options before during and after retirement.
 Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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