UK - Government proposals for pension reform will make "little difference" to the number of retired women living on the breadline, the Equal Opportunities Commission claims.
The EOC says that only a third of women receive a private pension and their average income in retirement is 53% of men’s.
EOC chairwoman Julie Mellor said: “The fact that so many women have so little income to live on in their old age is a scandal.
“The government’s proposals for reform of the pensions system don’t go nearly far enough.
“Pensions are currently based on men’s working patterns and penalise women for caring for their families, which is all the more ludicrous given that two-thirds of pensioners are women. Tinkering at the edges of pensions policy won’t solve this problem.”
*HSBC Bank has urged the government to scrap plans for a £1.4m lifetime pension pot because it discriminates against women. The bank says that women need more because they live longer than men.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.