_{Wednesday 3rd March 2010}

Women could be at risk at retirement as research from Standard Life suggests that only 50% of married men plan for the both of them.

The majority of women questioned in the survey admitted to be relying on their husband’s private pension, the shocking truth is that only half of all married men will buy a single life annuity rather than a joint annuity, leaving their spouse at financial risk should they die before their wife.

It is estimated that women are on average likely to live nine years longer than men, meaning that if a woman outlives her husband on a single life annuity, she will receive nothing after her husband’s death.

Mark Polson, Head of Customer Management at Standard Life said: ““Women will most likely outlive men, yet are least likely to have a plan for their money in the future, creating a pension income gender gap.  It’s just not enough for a woman to rely on their partner’s pension plans and by not taking control of their own future, they put their future income at risk. We are asking women to reality check their long-term plans now to secure the future they hope for themselves.”

At a time when careful planning for your finances in essential, the survey shows that only 38% of women and 50% of men are currently planning for their retirement. Company defined pension schemes are closing and employees need to find other ways to remain financially stable come retirement.

It is never too early to start planning for your retirement. If you would like more information, or to speak to somebody about pensions and retirement planning, please contact us.

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