More women in the UK are retiring with pensions savings, though the number without provision is still high.
Prudential, the insurance and pensions provider, found more than twice as many women as men were retiring without pension provision, though they had narrowed the gap on men.
Overall, nearly one in seven people retiring this year (14%) have made no provision for their retirement. This includes 11% per cent who will be either totally or somewhat reliant on the state pension.
The percentage of women retiring without pension provision has fallen to 19% from 22% last year, and compares with 9% of men.
People relying on the state pension will have an income that is up to £1,400 a year below the Joseph Rowntree Foundation’s minimum income standard for a single pensioner, Prudential said in its annual pensions report, this year called ‘Class of 2017’.
A pensioner retiring after April 6, 2017, and relying solely on the new flat-rate state pension, would have an annual income of nearly £8,300 a year.
On average, people expecting to retire this year estimate that the state pension will account for more than a third of their income in retirement.
Those retiring this year with a private pension include: 42% from final salary schemes; 13% from defined contribution schemes; 13% with a personal pension not through their employer; and 6% each for either a self-invested personal pension or a stakeholder pension.
©2017 funds europe
