Personal pensions ‘vital’ for women

Independent financial advisory Ruth Whitehead Associates has urged women in particular to make sure they have a personal pension set up, as well as other savings, to given them financial security in the future.

Ruth Whitehead, principle advisor for the company, said that it was important for women to take out a personal pension because their National Insurance contributions are more likely to be affected by time taken out from work, which could in turn lower their state penions.

According to the Pensions Advisory Service, only people who have made National Insurance contributions for about 90 per cent of the years in their working lives are entiteled to a full state pension.

Ms Whitehead said that women should consider “three things” to safeguard their financial future, one of them being a pension, although she added that pensions “now can’t be the only route to sorting out your long-term needs”.

She also noted that Isas were a good option, as well as property.

Tags: National Insurance, Pension provision in the United Kingdom, Ruth Whitehead Associates, advisor, independent, Ms Whitehead, state, principle advisor