Staffordshire men urged: don’t ignore the pension gender gap

June 20, 2013 - PRLog -- Men in Staffordshire have been warned the costs of their pensions have gone up following new EU rules coming into force.

Staffordshire independent financial advisor (http://www.newellpalmer.co.uk/site/npa/npa_home/) Newell Palmer Associates said men traditionally received more money from the same pension pot than women because they do not live as long – and therefore benefited from better annuity rates.

Since December, though, it has been unlawful to price products based on gender.

Figures from the Office for National Statistics (ONS) show that the size of the retirement fund needed to buy a male annuity went up 29 per cent between December 2009 and March 2013.

To receive an income of £5,000 a year, a 65-year-old single man would have needed a pension pot of £118,000 in December 2009. To buy the same income in March 2013 he would have needed a fund of £152,000.

The increase for women was 14 per cent – from £133,500 to £152,800.

Ian Cameron of Newcastle-under-Lyme-based Newell Palmer said: “There are other factors at work here, such as low interest rates, but the new European regulations have undoubtedly contributed.

“Staffordshire isn’t a wealthy area, and the average pension pot is probably small compared to national averages. That makes it all the more important for people here to have a grasp of what they are likely to be getting when they retire.

“I think the ONS findings make that especially urgent for men within 10 or 15 years of retirement to review their provision so adjustments can be made if necessary.”

Newell Palmer (http://www.newellpalmer.co.uk/) is hosting a series of investment events in Staffordshire in September, when experts will talk about subjects including saving for retirement and minimising tax. Dates and venues will be confirmed nearer the time.

Mr Cameron added: “The people of Staffordshire are hardworking folk – they’ve had to be. It’s vital that all those years of work allow you to enjoy a fulfilling retirement.”

Newell Palmer Associates provides independent wealth management services to individuals and businesses.

For more information, call Newell Palmer Associates on 08451 302320 or visit http://www.newellpalmer.co.uk

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Press release prepared by David Johnson at Shepherd PR. For more information, or to arrange an interview with an expert from Newell Palmer Associates, call 01335 368020 or email david@shepherd-pr.com

Senior managers from Newell Palmer are happy to comment on relevant topics.