Fewer than half of women currently retire on a full basic state pension when they retire
Official figures show that women rely on the state pension more than men, but receive less.
If you're coming up to retirement or thinking about what you'll leave on, read on. This week the Office for National Statistics released its official figures about the state pension. And once again they show that fewer women than men receive the full basic state pension, but far more women than men rely on it when they retire. I’ve written dozens of articles about women and state pensions, but some of the statistics released this week are pretty shocking.
Lloyds banking group has been fined £28 million for dodgy sales practices
The banking group gave bonuses to staff who sold unsuitable products and pressurised others
Last year the regulator that was in charge at the time, the Financial Services Authority, investigated over 20 banks over their sales practices. It described the result as ‘not pretty’ (you can read my article about the FSA investigation into sales practices). This time the new regulator the FCA has fined Lloyds banking group £28 million for mis-selling investments and insurance products designed to pay out if you’re too ill to work.
What could Scottish independence mean for your pension?
The Scottish government has published details of how independence could affect pensions and other finances.
If Scotland voted ‘yes’ to Scottish independence, what could it mean for state pensions? Would you receive more if Scotland was independent? Over the last few weeks I’ve received a number of emails about Scottish independence from women who would like to know how it could affect them financially. The truth is that we don’t know what will happen, but – after the Scottish government published its White Paper today, we may have a clearer idea.