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Divorced women ‘bear brunt of lower pension savings’

A report in today’s Express states

Divorced women appear to be bearing the brunt of lower pension savings, according to research by pension provider NOW: Pensions.

The research revealed that in 2018, divorced women had a private pension income which was 42 percent smaller than the UK average – £3,880 compared with £6,650.

The new data reveals a stark gap, which the provider says is likely to be exacerbated by higher divorce rates alongside the impact of COVID-19 on women’s work.

Also outlined was the vast difference between divorced men and divorced women in terms of pension savings, which is likely to shock those considering a split. The median pension wealth of divorced men currently stands at £103,50, whereas the average for women is £26,100.

The report also revealed divorced women are twice as likely not to be saving anything at all for retirement when compared with divorced men. A prime reason cited for this staggering gap is the division of assets during a divorce, and the likelihood that pension assets are not considered.

NOW: Pensions said seven out of ten divorce settlements do not take pensions into consideration, often leaving women worse off as a result.

Read the full article here

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