Women 'think private pension won't be enough'

More than half of women with a pension fund do not think that it will provide them with enough income for retirement, according to a new report.

Research from Investec Private Bank concluded that 54 per cent of British women with a pension fund don't think it will provide enough for their retirement plan, a figure which has risen by more than 600,000 in 14 months.

The bank said that 60 per cent of women do not have a private pension fund and 19 per cent say that a pension is not a priority, an increase from 17 per cent in the last 12 months.

However, the study did find an increase in the uptake of self-invested personal pensions (Sipps), with the number of women who have taken one out growing by four per cent since September 2005.

Head of banking and treasury at the firm Linda McBain said that the research showed that women must consider their retirement planning carefully.

She commented: "Despite the concerns among the majority of women that their pension fund will not be sufficient for retirement, we expect to see continued interest in Sipps as the industry looks to encourage better retirement planning."

Earlier research from HSBC discovered that six in ten women are not contributing towards a pension, with 31 per cent of these saying this was because they are not working or work part-time.

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