Prudential Reports Pension Gap Between Men And Women Continues To Grow

According to new figures from the Prudential Class of 2010 retirement survey* women planning to retire in 2010 expect to receive an average annual pension of £12,169, while their male counterparts expect to collect an average pension of £19,593 – a pension gender gap of £7,424. And the pension income gender gap has widened by £782 since 2009 when the difference between men’s and women’s pensions was£6,642**.

The gap continues to grow despite a decrease in expected pension incomes as a whole over the last year. In 2009 men expected to collect an annual pension of £20,313 – down 3.5% to £19,593 for 2010 – while women expected to collect £13,671, down 11% to £12,169 for 2010.

The mean expected pension income for men and women is down from £17,779 in 2009 to £16,509 in 2010, a fall of £1,270, which equates to approximately £100 a month.

Karin Brown, director of pensions and annuities at Prudential, said: “The reason women appear to get less in their pensions than men is embedded in years of history and, to a certain extent, because some women take a career break to have children which has an impact.

“But there is plenty of scope for women who are working and contributing to a pension to help reduce this deficit in future. By talking to your employer you can find ways of boosting pension savings and maximising the tax advantages that pension savings can bring.”

Women who take a career break to have children can safeguard their state pension with home responsibilities protection but this must cover the full tax year from April to April, so July to July, for example, would not count. Women can also buy back any missing National Insurance contributions.

Karin Brown said: “Women could also consider trying to keep up any company or private pension contributions even if they are on maternity leave or an extended career break – or ask their spouse or partner to make contributions for them.”

32% of UK workers over 55 who said they were delaying plans to retire because of the economic slowdown and the falling value of investments or due to a financial emergency believe they will never be able to afford to retire completely.

Karin Brown continued: “Although many working people may not be able to remedy this situation at a late stage in their working lives, younger people do have a chance to start building a decent pension pot. Prudential believes people should, ideally, start saving for their retirement as early as their twenties or early thirties instead of putting off pension savings until later in life.”

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CSB Group and Zammit & Associates Advocates exhibit at the IGE 2010

CSB Group and Zammit & Associates – Advocates participated in the International Gaming Expo 2010, held at Earls Court in London between the 26th and 28th January, represented by Mr. Michael J Zammit – CSB Group CEO; Dr. Andrew J Zammit – Managing Partner of Zammit & Associates – Advocates; and Mr. Keith Kerr – CSB Group iGaming and Corporate Services Executive. The team expressed satisfaction from the continued interest from major international gaming operators in Malta as a hub for the regulation and operation of their gaming activities.

CSB Group and Zammit & Associates Advocates exhibit at the IGE 2010

As one of the leading corporate service providers in Malta, CSB Group has now been involved in Malta’s iGaming industry since its inception. Mr. Zammit emphasised the importance of major exhibitions like the IGE 2010, as they provide Maltese service providers the opportunity of promoting Malta as an established and well regulated European gaming jurisdiction to a high-calibre, international audience. Apart from assisting gaming operators with the submission and pursuance of their gaming licence application with the Lotteries and Gaming Authority (LGA), the Group assists the gaming operators relocating to Malta with other key services like recruitment. More than 2,500 people work directly in the iGaming industry in Malta with half of that number being Maltese nationals. CSB Group’s recruitment unit ensures that gaming operators relocating to Malta find the right people to fit their requirements and culture.

This year’s IGE 2010 was a huge success attracting over 20,000 visitors with over 250 companies showcasing their products and services. CSB Group is proud to have been part of the exhibitors present and Mr. Zammit expressed the intention of the Group to continue participating and exhibiting in major events like the IGE to further develop its business and maintain Malta’s good reputation as a centreer for excellence in the professional service industry.

Dr. Andrew J. Zammit, speaking on behalf of Zammit & Associates – Advocates, also expressed his satisfaction with the opportunities presented at the London expo. “As one of the main events on the iGaming calendar, IGE 2010 was an ideal platform to promote our legal services and meet with prospective clients showing interest in relocating their business to Malta”, he said. He was pleased to note the strong participation of Maltese service providers at the expo, from several industries involved in supporting the remote gaming industry. However, he expressed concern that whilst the private sector continues to make significant investment in attracting operators to bring distinct components of their business to Malta, there does not appear to be a corresponding effort being made at the highest levels of the Maltese Government.

He indicated that there is a perceived lack of pro-active participation by the Government on the European plane to defend Malta’s position as a European remote gaming hub and to develop suitable policies and regulatory guidance to accommodate changing requirements in a fast-moving industry. “If Malta is to retain its position as the leading remote gaming jurisdiction within the EU, the Maltese Government must be able to effectively address the significant challenges presented by the need to dovetail Malta’s regulatory regime with other jurisdictions as a result of the increased internationalisation of remote gaming networks, revise regulatory policies in the light of opportunities presented by new technologies and changing business models, and stave off increased pressure from other EU Member States seeking to impede the freedom of movement of services for what appear to be the wrong reasons. Admittedly, addressing each of these challenges is a significant task and requires careful attention if Malta’s credibility as a reputable regulatory jurisdiction is to be preserved. However, it is certainly not realistic to expect the Gaming Authority to deal with all of these developments, in addition to performing its day-to-day regulatory functions, without increasing its current staff complement and involving industry stakeholders and independent external consultants with a view to establishing rigid time-frames within which new policies are developed. If complacency and procrastination become order-of-the-day, there is a real risk that this industry will dissipate from our island” he said.

He concluded by adding that Maltese professionals have earned a very good name for the level of service provided to these international operators basing significant parts of their business in Malta and that Zammit & Associates- Advocates will certainly be attending IGE 2011 in the hope that in the course of 2010 appropriate regulatory policies will be published by the Authority with the support of the Government with industry requirements being kept clearly in mind.

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M&S Money Readies For Valentine’s Day Rush For Wedding Insurance

New figures from M&S Money show that February is one of the most popular months of the year to buy wedding insurance, with sales of M&S Wedding Insurance expected to increase in the weeks after Valentine’s Day as couples planning their big day make sure they are covered in case the worst happens.

M&S Money Readies For Valentine's Day Rush For Wedding Insurance

David Wells, M&S Head of Insurance, said: “Considering the cost of an average wedding and the current economic climate, wedding insurance really should be at the top of every bride and groom’s list.

“When buying wedding insurance, it is important to think through all the services planned for the big day and make sure the right amount of cover is in place. Once the cover is in place couples can get on with the preparations for the big day.”

Dave Simms, Personal Lines Manager at Ecclesiastical Insurance, which underwrites M&S Wedding Insurance, said: “Supplier failure was the main cause for wedding insurance claims in 2009 and can seriously disrupt a perfectly planned special day. Suppliers struggling in the current economic climate can cause brides and grooms stress and heartache by not being able to deliver contracted services. This often happens at very short notice before the big day.

“In such circumstances, having proper wedding insurance in place can help you get your wedding back on track and help to ensure you’re not left out of pocket because of failed services. Wedding insurance really should be a top priority for newly engaged couples.”

Couples taking out an M&S policy can cover themselves against various nightmare scenarios, including a damaged cake, lost rings or stolen flowers, however there are exclusions, for example the policy does not cover cancellation where the bride or groom decides they don’t want to get married.

M&S Wedding Insurance – Key Features:
Four levels of Wedding Cover
No excess
Up to £17,500 cancellation cover
Stress counselling included as standard
M&S Cardholders receive 100 M&S points when they take out a new policy

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