58 | Tees Business
Eight key reasons
why women need to consider pension advice
Emma Cherrington, Claire Davison and Liza
Pontone hosted a female pension advice event
at Active Chartered Financial Planners.
Liza Pontone, chartered financial planner at Active
Chartered Financial Planners, and an ambassador for
the Chartered Insurance Institute’s (CII) Insuring Women’s
Futures programme, explains why women who are drawing
near to retirement are finding they have significantly less in
their retirement pot than their male counterparts…
Several Tees businesswomen attended Active’s
special pension event at the firm’s premises on
Teesside Industrial Estate.
R
esearch suggests that the
average pension pot for a 65-year-
old female in the UK is £35,800,
just one fifth of the average 65-year-old
man’s pot. However, the average cost
of residential care for women aged 65-
74 entering a care home is £132,000,
compared to only £82,000 for men.*
Over the last decade, men’s
occupational pensions have risen 83%
more per week than women’s – £23 for
women and £42 for men (*Source CII -
Insuring Women’s Futures programme
October 2018).
Female pension planning is
often not a high priority because of
managing family and extensive work
commitments.
I frequently see this work-life
imbalance with my professional clients,
many of them business owners
and company directors, so with my
professional knowledge and in my role
as an Ambassador for the CII’s Insuring
Women’s Futures programme I have
put together some key advice to help
bridge this pensions gender gap.