PLSA comments on CII's Insuring Women's Future report | Pensions and Lifetime Savings Association

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PLSA comments on CII's Insuring Women's Future report

22 January 2020

The Pensions and Lifetime Savings Association (PLSA) comments on the published recommendations of the Chartered Insurance Institute’s Insuring Women’s Future project.

Craig Rimmer, Policy Lead for Master Trusts, PLSA said:

“The PLSA is proud to have been part of the CII’s Insuring Women’s Future project and will be pushing forward with many of recommendations published in the detailed manifesto that are aligned to our core beliefs. The gender pensions gap in the UK needs to be addressed.”

“Many women are in low-paid or part-time work after taking career breaks or balancing time with caring responsibilities. We will continue to work with Net Pay Action Group to seek the right solution from Government to address the Net Pay/Relief at Source anomaly, which has a significant impact on women’s pensions. We have also long held the view that savings under automatic enrolment, for qualifying savers, should count from the first pound and we will continue to make the case and press Government to deliver on its commitments in this respect.

“The PLSA supports improved guidance for employees who are considering taking a career break or working part-time so that they are fully informed how this could affect their pension. We will continue to work with the Money and Pensions Service, to prioritise women’s financial wellbeing. 

“Relationship break ups were identified as a key life moment that affects the pensions of many women. The PLSA’s guidance on pension sharing on divorce sets an industry standard. We will be updating it to help make pension sharing a smoother process.  

“The manifesto is right to point to the lack of pension provision for those who take on caring responsibilities and agree more needs to be done to prompt carers to claim for National Insurance credits that they are already entitled too to save for their State Pension.

“We look forward to continue partnering with the CII’s Insuring Women Future project and work towards better retirement outcomes for everybody.”

ENDS

Mark Smith, Senior PR Manager
 020 7601 1726 |  [email protected]k

Steven Kennedy, PR Manager
 020 7601 1737 | 07713 073024 | [email protected]