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Pension provision for divorced women found to be lacking

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The Scottish Widows Women and Pensions Report recently found that only 15% of divorced women said that pensions formed part of their divorce settlement. 

Other surprising statistics drawn from the report include the fact that 8% of women over 50 entirely rely on their partner’s savings to fund their own retirement. 

Almost twice the number of women compared to men over 50 do not have a pension. Furthermore, 43% of women said that they will fund their retirement by generally relying on joint savings with their partner. 

These statistics highlight the need for increased financial planning and provisions to be made for retirement in order to reduce the financial uncertainty that is apparently held by more women entering retirement. This is shown by a YouGov poll in March 2012 that showed almost half the amount of women compared to men trusted their own savings to see them through retirement (17% of women compared to 30% of men). 

Financial plans are still rarely discussed prior to couples entering into a marriage, with 79% of women saying that they did not discuss retirement with their partner prior to getting married and 78% not knowing what percentage of their partner’s pension they would be entitled to upon divorce. 

Whilst there are numerous reasons for people not discussing financial plans prior to getting married, these are concerning statistics when the number of marriages ending in divorce is still one in three.

If you are experiencing relationship difficulties and are worried about your financial security, whether now or upon retirement, or both, please feel free to contact our Family Team at paynes@gepp.co.uk or 01245 228106 for a free initial consultation.