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Pensions and saving 'vital for women'

By Tom Farley, Tue 27 May 2008 - Published in Pensions

Working to ensure that personal savings and pension plans are fully paid up is an "absolutely vital" thing for women to do, an expert has claimed.

The principal adviser at Ruth Whitehead Associates, Ruth Whitehead, said that in order for women to safeguard their financial future, it is necessary to work to ensure savings are made.

Opting for a personal pension plan and topping up any National Insurance payments are two things women should do to ensure they are optimising their retirement income, Ms Whitehead stated.

"Some sort of personal pension, depending on affordability, is absolutely vital. Very many women don't make any personal pension provisions at all," said Ms Whitehead.

And ensuring that personal pensions, National Insurance and Isas are all used, women will be able to ensure their future security, she claimed.

The Pensions Advisory Service states that the full state pension is payable if an individual has made full National Insurance contributions for 90 per cent of the years of one's working life.