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Women not banking on pension payouts

As many as 60 per cent of women aren't currently paying into a private pension scheme compared to just 46 per cent of men who don't contribute to a pension, according to new research from Prudential.It was also revealed that of those women who do have a pension scheme, they only contribute an average of £236.54 per month, 22 per cent less than men who save £304.56 on average.The results may be surprising as women who were surveyed had a much more accurate picture of the lowly rate of the current state pension, which is £87.30 per week. Women were not far off the mark, believing it to be £89.09, but the average man grossly over-estimated the amount, thinking it was £146.61 a week.One in five women also had no other means of supplementing retirement income planned compared to just one in ten men. Gary Shaughnessy, managing director of Prudential Retail Life & Pensions, said: "Women are the underclass when it comes to pensions. With more people choosing to live alone and the number of divorces at high levels it is undeniable that individuals cannot rely on partners for their retirement finances. "Retirement is now roughly 25 years long for the average person, so people need to not only review what their pension will deliver, but also think about all the other sources of wealth available to them, such as property and other savings."

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