Women 'missing out on pension funds'

A new survey has revealed that many women could be missing out on providing for their own retirement.

Research from HSBC has discovered that a startling number of women do not know the ins and outs of pension payments and could be losing money as a result, with no improvement in retirement planning found among women since the firm's last study three years ago.

Approximately a third of respondents said that they were not paying into a pension plan because they were not working, while 22 per cent said they could not afford to pay into a scheme.

Ian Martin, head of retirement businesses at HSBC, pointed out that it is important that working women get clued up in order to avoid financial difficulties later in life.

"Many women are potentially missing out as they are still confused about when they can pay into pensions and who can pay into pensions. This means they are unnecessarily restricting the amount they will be putting into their pension pots," he said.

Mr Martin also explained that women are able to pay into a pension whether they are in full-time work or not, so should not stop making payments because of a break to have children, for example.

Recent research from Family Investments showed that women are often the leading financial decision-makers in the home, with 59 per cent taking control compared to only 41 per cent of men.