As from November 2018, the State Pension age for women rose to 65, matching the retirement age for men for the first time. This equalisation of the State Pension age at 65 is the first step towards a rise to 66 for both sexes in October 2020.
Many campaigners feel that the accelerated timetable for equalising State Pension age has hit many women hard. The campaign group, Women Against State Pension Inequality (WASPI) has protested outside parliament on numerous occasions.
Preparing for the future
A recent survey1 has shown that just 54% of women were saving adequately for retirement, with around 18% not saving at all. The report showed that at every stage of life, men outpaced women in the amount they had saved. In around 85% of households, it’s the norm for women to take care of the finances and budget for the important things in family life. However, it seems that they aren’t always as focused as they should be on building up their pension for the future.
A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.
1 Scottish Widows, 2018
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
Other Insights of interest
24th July, 2025
Commercial Property Market Review – July 2025
City investment market outlook The City of London investment market continues to show signs of…
Read full insight
15th July, 2025
Bridging the generational wealth gap: securing financial stability
Throughout our lives, we both give and receive support across generations, whether within our families…
Read full insight
9th July, 2025
Why life insurance matters
Taking out life insurance is a crucial step in protecting what matters most — your…
Read full insight
9th July, 2025
Economic Review June 2025
Survey points to modest second-quarter growth Data released last month by the Office for National…
Read full insight