Last month, Chancellor Jeremy Hunt confirmed that the UK Government’s review of the State Pension age will be published in early 2023 and is scheduled to be made available to the public in May. At the start of this year, the Department for Work and Pensions (DWP) launched a second review of the State Pension age, which is now 66 for men and women across the UK.
Pension expert issues warning to all married women approaching retirement age
09.12.2022 - 17:31 / dailyrecord.co.uk
New research suggests that less than half (41%) of people could cope in retirement if they did not receive a share of their partner’s pension. The survey, carried out by Opinium on behalf of pensions experts, Hargreaves Lansdown, found that this figure drops to around a quarter (26%) of women while over half (54%) of men said they could cope.
More than a quarter (27%) of people said they couldn’t cope if they didn’t have a share of their partner’s pension while the remaining third (32%) were unsure.
The break-up of a relationship can lead to one partner missing out on pensions as they are often not discussed in divorce settlements.
The survey was conducted with 1,400 people across the UK in September 2022.
Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said: “It’s not uncommon in couples for one partner to take charge of certain aspects of your overall financial planning but relying on a partner’s pension risks leaving you in real financial difficulty.
“If you remain together forever, then it may well be fine to rely on a partner’s more generous pension provision, but if you were to split up then you could find yourself approaching retirement with very little.
“It’s an issue that disproportionately affects women who already face significant challenges in building up pension provision as they are more likely to spend periods of time out of the workforce caring for family and, when they do return, it is often on a lower paid, part-time basis."
Helen continued: “If your partner has decent pension provision, it can be tempting to depend on that. As a result, our survey shows only around a quarter of women believe they would be ok if they didn’t have a share of their partner’s pension. This
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