Women andPensions Report

Mind the expectation gap

November 2012

Document info

Form 47936

Job ID 35562

Size A4

Pages 16

Colour CMYK

Version OCT 12

Operator info

1 JR 3/10/12

2 ALI 11/10/12

3 ALI 16/10/12

4 ALI 16/10/12

5 ALI 17/10/12

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ContentsForeword 2

Part 1: Prioritising retirement saving 3

Part 2: Family matters 6

Part 3: Mind the expectation gap 8

Recommendations 10

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It may have taken almost a decade since the PensionsCommission was first established and over seven yearssince the Commission’s final report, but this year seesthe very first employees automatically enrolled into theircompany pension scheme.

It may have taken a while, but the dawn of autoenrolment will have been worth the wait.

As more employees are enrolled into a workplacepension, millions more people will be saving for theirretirement than ever before.

It is this kind of behavioural change we will need tomaintain over the long-term if we can make anyheadway against the double-headed challenge of risinglife expectancies and a retreating welfare state thatfaces future generations in the UK.

For some groups in society this challenge is even morepressing than for most – especially women.

This is the eighth annual Scottish Widows report onwomen and pensions, which we first launched at theheight of the Pensions Commission’s deliberations.

Whilst much progress has been made on implementingauto-enrolment in that time, progress on addressing thepensions gender gap has been less obvious.

Our report shows this year that 42% of women aresaving adequately for their retirement, compared to49% of men – a gender difference that has hardlychanged over the last decade.

The current economic backdrop is clearly not helping –women are facing particular strains and stresses in thelabour market. However, the pensions gender gap ismore entrenched and long-standing than today’seconomic headwinds.

The gender pay gap; the pressure on household budgets;the challenge of managing childcare and wider familyresponsibilities; the difficulty of finding a balancebetween work and family life whilst also achievingsuccessful career progression – we all know about theseissues and they remain the fundamental barriers toaddressing the pensions gender gap.

Yet the prize available if we were to break down thesebarriers seems just as distant now as it did when ourfirst report was published in 2005.

As in previous years our report contains some modestrecommendations for reform. Each on its own may helpachieve some progress in driving out the gap betweenmen and women.

However, if we are finally to make in-roads into reducing the pensions gender gap we will need to find a similar long-term consensus to that achieved by thePensions Commission and recent Governments aroundauto-enrolment and the wider pensions reform agenda.

Auto-enrolment has shown us radical solutions can befound – and delivered – through the economic andpolitical cycle.

Our next challenge is to find a radical way to reduce thegender pensions gap that all sides can help deliver.

Lynn GravesHead of New Business Development, Corporate PensionsScottish Widows

Foreword2012 is a seminal year for pension savings in the UK.

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Chart 1: Do you feel more or less financiallycomfortable than twelve months ago?

0

5

10

15

20

25

30

35

40

A lot betteroff now

15%

12%

35%

33%

30%

19%20%

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A littlebetter

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Women

Part 1: Prioritising retirement savingLooking at the Scottish Widows Pensions Index releasedearlier this year, we can see that the gender gap haswidened this year, compared with the reduction we sawlast year. The gap now stands at a level barely differentfrom 2006.

In 2006 there was an 8% gap between the number of men and women saving enough for retirement. Over the past few years, the gap had seemed to benarrowing, but in 2012 the gap is back up to 7%, barelyany different to 2006.

Chart 2: Scottish Widows Pensions Index by gender

The savings bugHowever, there’s some good news; women who arealready saving into pensions are reluctant to cut theircontributions. If faced with a 10% fall in income, mostwomen said they would cut spending on food, clothingand going out first and just 3% would cut back onpension contributions.

Women are also well aware of the need to save for theirold age, with 28% of those surveyed who plan to savemore over the next 12 months doing so because theywant to save more for their retirement. This ties in withthe recognition that individuals will have to take moreresponsibility for their own retirement; a total of 72%of women surveyed agreed with this statement.

Although the awareness of the need to save is high andwomen have good intentions to save, their actions arenot following suit and they’re prioritising other savingsover retirement.

Five years after the financial crisis Britons are stillstruggling with increasing food and fuel prices(1)(2), risingutility bills(3), the Bank of England slashing its growthforecast for the medium to long-term to just 2%(5) andpersistently low interest rates(4). While low interest ratesare helpful for those households with mortgages andother borrowing, saving products continue to lookunattractive for consumers.

These factors are putting pressure on householdfinances and, as belts are tightened, our latest researchindicates long-term saving is being pushed to thebottom of the to-do list.

Our survey shows both men and women are feeling thestrain, although more women than men feel lessfinancially comfortable than 12 months ago; 50% ofwomen said they felt worse off compared to 45% ofmen. A fifth of women said they were a lot worse off.

This pressure means women have been neglecting theirlong-term savings over the past 12 months, with 19%saving less than the year before and 28% still notsaving at all. Just 16% of women have made the effortto save more over the past year.

And unfortunately the outlook for long-term saving forthe coming 12 months is equally bleak with 28% ofwomen saying they were unlikely to increase the amountthey save and 36% saying it was not likely at all.

35%

40%

45%

50%

55%

60%

65%

2006

Male Female

20112010200920082007 2012

49%

41%

54%

41%

55%

46%

59%

47%

52%

43%

53%

50%

49%

42%

4

The most popular reason women gave for increasingtheir long-term saving was to save ‘for a rainy day’;31% chose this option. This answer is revealing in thatmany women consider their long-term savings as a potto dip into to cover unexpected, or rainy day, costs notprimarily as a fund to be ring-fenced and protected forthe long-term in order to pay for their retirement.

While women are concerned about building up a safetynet for future financial emergencies, the men surveyedchose ‘I expect to earn more’ as the reason why theywould increase their long-term savings; 35% chose this option.

The second most popular reason was ‘I want to savemore for retirement, with 30% choosing this option.

The need to save for a rainy day also ties in withwomen’s tendencies to save for the short-term ratherthan the long-term.

When asked about general savings and investments40% of women said they saved mainly for the short-term and 28% said they saved mainly for thelong-term. A quarter of women save for both equally. In contrast 35% of men said they saved mainly for the long-term.

Pension participationFor most women, the key to having a pension is accessthrough an employer, as chart 3, based on theGovernment’s Family Resources Survey, shows.

The most striking aspect of these statistics is that there isvery little difference between the sexes in levels ofparticipation in employer-sponsored pensions, but menare twice as likely as women to be paying in to anindividual pension.

Chart 3: Current pension participation.(6)

Occupational pension

Group personal pension

Group stakeholder pension

Individual personal pension

Individual stakeholder pension

14%

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7%

6%

2%

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Top of the to-do listWhen prioritising their families’ financial needs, womenare putting mortgage and debt repayments at the topof the list. As money is used to service debts this mayexplain why 75% of women who did not expect to savemore for the long term in the next 12 months said thataffordability is a major issue. 28% of women said theydo not save at all for the long term.

A quarter of women said they have prioritised mortgagepayments over their pension for the past five years and31% have paid off debt. With finances stretched tight,42% of women have had to prioritise living expensesover pension saving.

Debt has a major impact on the ability to save and just14% of women are certain they have no personal debt,excluding a mortgage while 24% didn’t know their levelof personal debt. The mean amount women owe standsat £10,921.61, slightly below the average debt of£12,938.55 for men.

A quarter (26%) of women are saving nothing for theirretirement, compared with 19% of men(7). In thecurrent economic environment women are finding theirintention to save is eclipsed by the need to pay bills andreduce/service debt.

When asked how much more they could realisticallyafford to put aside into long-term savings each month,48% of women said nothing, or that they do not savefor the long term. A further 8% could afford an extra£10 or less, and 27% were able to save between £11and £100. Only 8% felt they could save more than£100 a month extra.

pension

er pension

Chart 4: Monthly non Pension savings for retirement

0

50

100

150

200

Monthly non Pension savings for retirement

£130

Amount saved £

£164

£95

£185

2011 2012

Men

Women

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Family life in the UK is changing, as research by theScottish Widows think tank Centre for the ModernFamily has revealed(8), but for most of us our familyremains a key reference point throughout our lifetime,and families also tend to have a high degree of financialinterdependence.

Although the concept of the nuclear family is in decline,men still tend to be the main breadwinners in thefamily, with women more likely to take career breaks tolook after children or become carers for elderlyrelatives(9) – meaning they usually also take a break from pension contributions.

Our survey shows that while the number of men andwomen under 30 who have never worked full time isroughly equal at 30%, this figure drops to almost nothingfor men over 30, but is 11% for women aged 30 to 50and 17% for women over 51. These divergent careerpaths for the genders clearly plays out in the relativepension provision levels we see for men and women.

While younger people in work are being encouraged tosave through the introduction of automatic enrolment –which will see UK employees automatically placed in acompany pension scheme if they are not already saving– there is no direct action to target people who are notworking.

Of the women surveyed for our report, 37% worked full-time compared to 54% of men. A further 18% ofwomen are working eight to 29 hours a week. Of thosenot working 61% describe themselves as housewivesand 27% look after children.

With women more likely to work part-time and take oncaring roles that prevent them from working, it is notsurprising that 43% of those surveyed are relying onjoint savings with their partner to fund their retirement.Just 17% of women are relying on their own savingscompared to 30% of men. Particularly worrying is thatover half [54%] of women under age 30 are relyingon joint savings for a retirement that may well be40 years ahead.

Child friendly?Having children leads many women to stop workaltogether or to go part-time, but it also has a majorinfluence on their financial priorities. In previous reportswe have revealed that having dependent children ismuch more likely to result in reductions to long-termsavings, including pensions, for women than for men. As well as often not having the means to save for theirown future, the motivation is also reduced as theirpriority shifts to their family.

More positively, having children can prompt women toconsider savings in response to specific future needs.Women are less likely than men to save simply becauseit’s a prudent thing to do, but 14% of women will savemore if they have a target such as paying for theirchildren’s education, compared to 7% of men. And 12% of women say they plan to save morespecifically for family reasons compared to 9% of men.

Respondents could choose more than one answer. Theeight most common responses for women are shown.

One of the keys to encouraging women to save more fortheir retirement may be to help them visualise how it willmeet specific needs, rather than talking about theincome it may provide. For example, women may findmessages about saving for their retirement to make itless likely that they will become a financial drain on theirchildren particularly resonant. Our research supports this,as only 2% of women expect financial support fromtheir children to help ensure they have a reasonablestandard of living in retirement.

Chart 5: Why are you likely to save more for thelong-term over the next 12 months?

0 5 10 15 20 25 30 35

Familyreasons

25%35%

12%

9%

14%

22%22%

25%

26%

7%

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education)

I expect to payoff enough debt

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I want to save morefor retirement

28%

30%

21%

29%

31%

29%

30-50

51+

Part 2: Family matters

7

Like mother, like daughter?Many of us look to our parents for guidance on a widerange of issues, and they are generally willing to give usthe benefit of their wisdom and experience. But is thatrelevant for pensions? Women in their late career maywell have mothers who depended largely on theirhusbands and had little or no pension of their own, whileyounger women may have mothers with defined benefitpensions they know will not be available to them. Each generation expects a higher standard of living thanthe previous one, but that may not be the case when itcomes to retirement. This is confirmed by our findings.

In general, women do not see their mother’s experience as a concern when thinking about their ownretirement, with only one in five made nervous by it.This is consistent across all age groups. However, theyhave also not looked to their mothers’ situations inplanning their own retirement savings, with fewer than a quarter (23%) saying they were influenced by theirmothers’ experiences.

There is, though, considerable nervousness about theirown retirements. Just one in five (21%) women expectsa retirement that is more comfortable than her mother’s,and this reduces to 18% for those aged 30 to 50. One inthree women under 30 simply do not know how theirexperiences might compare to their mothers’. Men aremore optimistic about their retirement prospects, with27% expecting to be better off than their fathers.

For many women, their mother may provide a referencepoint for their retirement aspirations but they recognisethat the issues for them are different, and they do not seetheir mothers as providing a blueprint. They recognise, inparticular, that if they have not given priority to retirementsavings they may end up with a worse experience thantheir mother.

Impact of divorceMany women are relying on their partners to fund theirretirement but there is little communication betweenspouses or partners about how retirement will be paidfor. This is a particular concern because women onaverage live longer than men and will continue to do so;a woman who is aged 65 in 2035 can expect to liveuntil she is 90 and a man of 65 to 87 years of age(10).

Over three quarters, 79%, of women said they did notdiscuss how to fund their retirement with their partnerbefore they got married.

Discussing finances can often be an awkward topic,even between spouses, but with one in three marriagesin the UK ending in divorce by the fifteenthanniversary(11) , discussing the detail of pension planningis vitally important.

Only 15% of the divorced women surveyed said pensionswere discussed as part of their divorce settlement and78% of married women said they did not know whatthey would be entitled to from their partner’s pension ifthey divorced. It is a legal requirement that pensions aretaken into account in divorce settlements, and there arethree possible methods of doing this (offsetting,earmarking and sharing), but it appears that pensionis often neglected. Women are more likely than mento lose out because of this.

For women with little or no pension savings, divorcecould mean they end up relying on the state or theirown meagre savings in retirement.

Offsetting involves trading the pension and otherassets of the couple. For example, the partnerwithout the pension might receive a greater shareof the value of the family home.

Earmarking means that part of the lump sumand/or pension payable to a scheme member at retirement goes to their ex-spouse instead. The pension arrangement is otherwise unchangedso, for example, the scheme member rather thanthe ex-spouse chooses the retirement date.

Sharing leads to the pension being divided in two.The ex-spouse either becomes a member of thepension scheme or is given an amount to transfer toanother scheme. This allows a clean break with eachpartner having their own pension arrangement.

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Chart is based on average ages when people would liketo retire, think they realistically will be able to retire andwill be angry if still working.

There is strong feeling about the need to work well intoold age but with the state offering pensions later andwomen relying on spouses who will also have to worklonger, women will have to be prepared to retire laterunless they have individual provision to fall back on.

Other savings

Women’s pension savings may be suffering but they areundertaking other long-term savings. Excluding pensionsand their homes, women who are saving put aside£203.21 a month on average (though as noted abovethis is a reduction from previous years £227) and 29%are saving on a regular basis, with a further 9% savingequally through regular amounts and lump sums.

This shows that women are finding ways to save somemoney, but are missing out on the tax benefits that areoffered by a pension.

Until more women start to save independently forretirement there will be a gender gap in long-termsavings, but there is also an expectation gap betweenwhat income women would like to receive in retirementand what their current level of saving is likely to provide.

A general lack of understanding about pensions and what levels of funding are needed to secure a comfortable retirement means many women will findthemselves with insufficient income in old age.

When can I retire?There is a disconnect between the age at which womenwould like to retire and when they believe they willrealistically be able to.

A retirement age of 60 was the most popular choice for women surveyed, with 29% choosing this option. A further 23% chose 65, the second most popular agefor retirement and the mean age for retirement is anoptimistic 61.9 years for women who are not retired.

Despite wanting to retire in their early 60s, just 16% ofwomen said they would realistically be able to afford toretire on or before their 60th birthday, and another 22%said they would be able to retire at 65. The mean agethat women believed they could afford to retire is 65.9.

This may suggest a lack of knowledge about plannedincreases to the state retirement age, which will be 68 by2046, and probably earlier. For younger women the statepension age will increase further under new plans to link itto longevity, as confirmed in the Queen’s speech thisyear(12). The ages suggested by men are similar, implyingthat both sexes may have unrealistic expectations.

In fact, 44% of women surveyed said they would beangry if they were still working at age 65 and 79% saidthey would be angry if they were still working at age 70.

Age of satisfaction Age of resignation

Age of acceptance Age of anger

Chart 6: Attitudes to work

60 61 62 63 64 65 66 67 68 69 70

Women

Men

Part 3: Mind the expectation gap

9

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Knowledge is powerThis underuse of pensions could be due to a lack ofunderstanding about the benefits and this is whereemployers have a role to help boost pension knowledge.

56% of women wanted their employer to providegeneral information about retirement planning, whichis marginally more than the 54% of men who gavethis answer. 36% of men and women wanted fullfinancial advice.

The expectation gap can in part be blamed on a knowledge gap around pension benefits and fundinglevels. When asked about where they’d go for guidanceon pensions, 17% of women didn’t know where to find information.

The introduction of auto-enrolment will make somecorrection to the lack of saving and employers could gosome way to filling the gaps by educating employees,but there is a more complex problem in educatingwomen who are not in employment.

The tax benefits of pensionsSaving in a pension involves deferring the abilityto spend the amount invested. Generally it istied up completely until at least age 55, andthen only a quarter can normally be taken as alump sum, with the balance providing lifetimeincome. In return for forgoing the possibility ofearly encashment, individuals can receivegenerous tax treatment.

• Contributions they make to pensions withinyearly allowances receive tax relief at theirhighest rate.

• Investments by pension funds qualify forbeneficial tax treatment.

• At retirement, it is normally possible to takea quarter of the value tax-free.

• Pension payments are taxed, but manyindividuals have lower marginal rates afterretirement than when working.

• On death under age 75 and before startingto receive benefits, lump sums paid ondeath are normally tax-free.

A basic rate (20%) taxpayer contributing to a pension pays £80 out of every £100 invested,with the remainder coming from tax relief.

Ignoring investment growth and charges, atretirement, the £100 provides a lump sum of £25 and taxable income worth £75. With basicrate tax, the value of the income reduces to £60. This means that the value received back by theindividual is £25 + £60 = £85.

Overall, the customer has received theequivalentof an extra £5 on the £80 invested – an increaseof just over 6%.

The benefits depend on the tax rate before andafter retirement.

By contrast, an ISA enjoys similar tax status topensions for funds invested, but there is no taxrelief on contributions and no tax on withdrawals.ISAs can also be cashed in at any time.

69 70

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Fairer sharing of pensionsIt appears that the law on pensions and divorce islargely being ignored, whether through ignorance orbecause those who have pension are failing to disclosethem to the other side. It is very important that thisissue is tackled. As a starting-point, the Money AdviceService information on the options could be greatlyexpanded(14) and made available to both parties ondivorce – indeed, the whole section of the MoneyAdvice Service website covering divorce should behighlighted to all divorcees.

Many individuals are likely to face financial hardship ondivorce, and consideration could be given to allowinghardship loans from pension schemes, along the linesof loans available from 401(k) arrangements in theUnited States.

Employers to promote a positivepensions messageAuto-enrolment has the potential to provide a step-change in the UK savings landscape; a catalyst forindividuals to take responsibility for the funding of theirown retirement.

However, auto-enrolment itself must go hand-in-handwith education about the structure and benefits in orderto ensure women make the most of tax relief andemployer contributions, and realise how easily they areable to save for old age. For many women, theworkplace is the starting place for their retirementsaving but there is concern that as some women chooseto take career breaks to raise children or care for olderfamily members they may fall out of the savings habit.

Employers are well placed to not only promote auto-enrolment but to provide additional information aboutthe retirement planning process – which would be wellreceived by the women surveyed. When asked whatfinancial guidance and education they would like toreceive through their employer, 30% of women saidthey would like access to face-to-face advice, 28%wanted personal financial health checks and 24%wanted information guides.

Linking pensions with othersavings wrappersThe idea of merging pensions with other savingsproducts, such as ISAs, is not new but it bears furtherconsideration when looking at women’s long-termsaving patterns. Women and men are almost equallylikely to hold ISAs(13), and on average where women aresaving for retirement outside of a pension wrapper theycontribute around £200 a month. They are missing outon the benefits of pension tax relief in the process .

If a process for linking ISAs and pensions was developedwomen in particular would be able to benefit from theaccessibility of an ISA and the tax relief provided forpension savings. This could take the shape of a feederfund – where an ISA automatically feeds into a pensionlater in life – or through the development of a new typeof savings account that is accessible in the short term(with clawback of any tax relief given) but also providesthe benefits of a pension in the longer term.

Offering flexibility around savings would enable womento save in a way that suits the flux many womenexperience in their lifestyle. They would be able toprioritise saving when they are able to, for examplewhen they are in full time employment, but offer accessto funds when needed.

The ease of accessibility has been a strong driver of ISAsavings, and conversely a deterrent for pensions saving.The women surveyed were keen to save for a ‘rainy day’meaning that locking money into a pension early in lifewas not appealing but having access to long-termsavings to cover emergencies would be.

Merging of ISAs and pensions would make the savingslandscape easier to understand. Pensions are a hot bedfor jargon and confusion, making them unattractive tothe uninitiated, whereas ISAs are a straightforward andpopular savings vehicle. While the transition would notbe straightforward, we believe further consideration ofthe possibilities would be worthwhile.

Recommendations

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There is an appetite among women for their employer toprovide information but currently just 15% would getinformation about their pension from their employer.

This information could be in the form of simple guidesexplaining why pension planning is important, changesto the state retirement age and what individuals canexpect to receive from the state, as well as figures onwhat income can be bought by varying levels of pensionfunding. Information and planning tools could also beprovided via the employer’s intranet site, with supportfrom pension providers.

The women who participated in our survey were alsokeen to receive face-to-face financial advice, althoughwhether they would be willing to pay for this themselvesis still to be determined. Employers are currently allowedto spend £150 each year on financial advice for theiremployees without any tax consequences but this is nota realistic amount considering the cost of full financialplanning. The introduction of the Retail DistributionReview (RDR) is set to increase the immediate cost ofadvice further as financial advisers move away fromcommission and towards a fee-based model. There is aconcern that unwillingness among lower earners to paya fee for advice will mean it will no longer be viable foradvisers to service the mass market and an advice gapwill appear.

An increase in the tax-free allowance for financial advicefunded by employers would be welcome as it mayencourage more employers to offer the service foremployees. Increasing the allowance could also help thegovernment achieve its goal of encouraging Britons tosave more for their retirement and be less of a burdenon the state. Consumers who receive pension advicecontribute over a third more to their pension pots thanthose that do not receive advice(15).

Reach out to women who are not inthe workplace Employers are a key source of pension saving but this doesnot help the number of women who are not working.

Unemployed women are not being targeted bygovernment savings initiatives and are not prompted tosave, but some of them could be building up a pensionand other savings – perhaps using some of their partners’incomes. This can be particularly tax-beneficial for non-pension savings. Although there are women-specificinitiatives in action, such as The Pensions Advisory Servicehelpline for women, more could be done to promotethese and other initiatives to increase awareness.

As the survey shows, women who are saving for thelong-term are more likely to prioritise saving and wouldbe reluctant to cut pension contributions.

Although women will benefit from the introduction ofthe £140-per-week flat rate state pension, the challengeis to engage those women who are not currently savingand raise awareness of the benefits of pension saving.

In order for women to engage with pensions savings weneed a cultural shift in how pensions are viewed. Pensionsare seen as impenetrable and are often misunderstood.

There must be cross-party consensus not just toimprove confidence in the pensions industry butconfirmation that those who are prudent enough tosave for retirement will not be penalised in the future,for example by means-testing under the pension credit.We believe it is very important that the move to a single-tier state pension goes ahead.

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Footnotes

(1) British Retail Consortium http://www.brc.org.uk/brc_news_detail.asp?id=2283

(2) Office of Fair Trading http://www.oft.gov.uk/news-and-updates/press/2012/76-12

(3) Uswitch.com https://s3-eu-west-1.amazonaws.com/uswitch-press-room//household-energy-%E2%80%98unaffordable%E2%80%99-in-less-than-three-years-.pdf

(4) Bank of England http://www.bankofengland.co.uk/publications/Pages/news/2012/071.aspx

(5) Bank of England Quarterly Inflation Report August 2012http://www.bankofengland.co.uk/publications/Documents/inflationreport/ir12aug.pdf

(6) Family Resources Survey 2010/11 page 129 http://research.dwp.gov.uk/asd/frs/2010_11/frs_2010_11_report.pdf

7) For more information, see the Scottish Widows UK Pensions Report 2012http://reference.scottishwidows.co.uk/literature/doc/46273-2012

(8) Centre for the Modern Family http://www.centreformodernfamily.com/Portals/0/flipbooks/Family%20Resilience%20-%202012/html/index.html

(9) NHS Survey of Carers in Households 2009/10 http://www.ic.nhs.uk/pubs/carersurvey0910

(10) Office of National Statistics: 2010-based Period and Cohort Life Expectancy Tables http://www.ons.gov.uk/ons/rel/lifetables/period-and-cohort-life-expectancy-tables/2010-based/p-and-c-le.html

(11) Office of National Statistic:s Divorces in England and Wales 2009/10 http://number10.cabinetoffice.gov.uk/engage/queens-speech-2012/

(12) Queen’s speech 9 May 2012 http://number10.cabinetoffice.gov.uk/engage/queens-speech-2012/

(13) HMRC statistics for 2009-2010 http://www.hmrc.gov.uk/stats/isa/table9-11-09-10.pdf

(14) Money Advice Service https://www.moneyadviceservice.org.uk/en/articles/reviewing-and-valuing-pensions-when-divorcing

(15) Unbiased.co.uk http://www.unbiased.co.uk/news/advice-could-leave-you-much-232-month-better-retirement-new-report-highligh-16-7-2012-12729

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Scottish Widows plc. Registered in Scotland No. 199549. Registered Office in the United Kingdom at 69 Morrison Street, Edinburgh EH3 8YF. Telephone: 0131 655 6000.

Scottish Widows plc is authorised and regulated by the Financial Services Authority. Our FSA Register number is 191517.

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