Pension Plans

[Champagne]

Only 35% of women have a pension plan in place. Embarrassingly enough, I happen to be a part of this statistic.

Do you have a pension that you contribute to? And if so, do you expect it to provide an adequate retirement income?

[Miss Zippy]

Yes and no! As I started my pension relatively late (aged 30), I'm now having to pay high contributions to make up. I'm paying �400 per month into my private pension but this is projected to provide me with an income of only around �600 per month when I'm 55. Inevitably, over the course of the next 23 years (when I'm 55) there will be months, perhaps years, when I will not be able to contribute �400 into my pension (I may take a career break for family or other reasons) so my pension pot may be less than this. This is worrying in itself but it's important to have eggs in other baskets (e.g. second property or a rich husband!) and to take a broad view of planning for your old age and recognise that pensions are just one way of providing an income in retirement.