BusinessPeople In BusinessWomen missing out on pensions

Women missing out on pensions

Women are losing out when it comes to pensions, with the prospect of young women having as little cash in their old age as their great grandmothers did.

Link: Ban on employer-promotion of pensions lifted

According to a new study by the Trade Unions Congress, a combination of low pay, part-time work, jobs that don’t offer pensions and shorter working lives mean that, compared with men, women are almost always going to be ‘short-changed’ in their old age.

TUC general secretary Brendan Barber, said: ‘Our pension system was not designed with women in mind. It is out-of-date and condemns many millions of women to an uncertain and precarious retirement.

‘Our pensions crisis has a very definite female face, with women being penalised and losing out for taking time out of work to bring up their children.

‘The government needs to act to put a stop to this continuing pensions gender inequality. A few small changes would make a major difference to women’s lives and at a cost that won’t break the bank.’

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