US - Women need to save more than men to sustain their standard of living in retirement, a study by Hewitt has revealed.
The findings showed longer life spans, lower salaries and conservative savings habits were the main reasons preventing women from meeting adequate retirement income levels.
Alison Borland, defined contribution consulting practice leader, Hewitt, said: "There are multiple barriers women face that automatically put them at a disadvantage when it comes to meeting adequate retirement income levels - some of which are preventable and some of which are not.
"Despite these challenges, it is possible for women to make a significant impact on the amount they amass in their retirement nest eggs, if they are willing to understand the challenges they face and take a few small steps toward improving their saving and investing behaviours."
The study pointed out women could potentially increase their nest egg by 18% by investing two years earlier than they currently do, or 23% by investing four years earlier.
When being out of the workforce for family reasons, the study suggested women should not stop saving or cash out of their 401(k). Instead, they should keep their savings in their company's 401(k) plan.
Hewitt concluded women who actively contributed to their 401(k) plan could increase their projected retirement replacement income levels by 13.5%, by working two years longer to age 67.
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.