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.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.