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Women’s pension savings alarmingly lower than men’s, study shows

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IN a revealing study conducted by Handelsbanken Wealth & Asset Management, a stark gender gap in pension savings across the UK has come to light, with women’s pension pots alarmingly worth only half as much as men’s. The average pension pot for women is reported to be around £37,500, significantly lower than the £75,000 average for men, raising concerns over financial security for women in retirement.

Key findings from the report, “Gender and generation: unravelling the wealth gap,” highlight a concerning disparity in pension savings and awareness. Nearly one-third of women have pension savings under £25,000, whereas this figure stands at only 16% for men. This gap is further exacerbated by a lack of certainty about pension values, with 33% of women unsure about their pension pot size compared to 24% of men.

The situation appears slightly more promising among younger demographics, suggesting a potential shift towards narrowing the gap. However, with only a third of UK adults confident about achieving a comfortable retirement, the need for enhanced awareness and proactive pension planning is evident. The gender disparity in confidence about future retirement is stark, with 38% of men expressing confidence compared to only 27% of women.

The research also delves into pension management habits, revealing that men are more likely to take personal control of their pension plans than women. This trend underscores the urgent need for increased support and education around pension planning, particularly for women, to ensure equitable financial security in retirement.

Christine Ross, Head of Private Office (North) & Client Director at Handelsbanken Wealth & Asset Management, emphasizes the critical nature of the findings. She advocates for concerted efforts to bridge the gender gap in pension savings, highlighting the importance of supporting older women and encouraging younger generations to engage with pension planning from an early age.

This comprehensive study sheds light on the pressing issue of gender inequality in retirement savings, calling for immediate action to support women in securing their financial futures.

Business

Bluestone National Park Resort pledges support to armed forces community

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BLUESTONE National Park Resort has signed the Armed Forces Covenant to pledge its commitment to the UK Armed Forces as the country commemorates Armistice Day.

Bluestone, which employs several former armed forces personnel, marked Armistice Day on 11, with a commitment to reaching gold status on the covenant.

The Armed Forces Covenant is a promise by the nation to ensure that those who serve or have served in the armed forces and their families are treated fairly.

The Covenant aims to eliminate disadvantage and ensure that no member of the armed forces community faces discrimination in providing public and commercial services compared to any other citizen.

Glenn Hewer, Head of Sales at Bluestone, is a former Royal Marine who volunteers with the Milford Haven Sea Cadets and Royal Marines. He said: “More and more employees recognise the importance and significance that former armed personnel have and play in their communities and workplaces. The covenant is a commitment to them and a recognition of what they and their families have sacrificed for us.

“Additionally, ex-forces personnel make great employees in all walks of life. They are highly trained in a wide range of skills and bring many benefits to businesses. Providing an opportunity that allows them to further their careers outside the military is a great way of supporting them and their families.”

This commitment has also led Bluestone to join the Defence Employer Recognition Scheme (ERS) Bronze award. The ERS encourages employers to support defence and inspire others to do the same. It encompasses bronze, silver, and gold awards for organisations that pledge, demonstrate, or advocate support for defence and the armed forces community.

Marten Lewis, Director of Sustainability at Bluestone National Park Resort who is also a veteran of the Royal Engineers, said: “At Bluestone, we deeply value the contribution of the Armed Forces community to our country.

“We are proud to sign the Armed Forces Covenant and demonstrate our commitment to supporting them. We believe it’s important to recognise the sacrifices made by service personnel and their families and ensure they are treated with the respect and fairness they deserve. We are committed to attaining the Gold ERS as we build our relationship with the armed forces community.”

Craig Middle, Regional Employer Engagement Director at the Ministry of Defence, said: “We are delighted that Bluestone National Park Resort has signed the Armed Forces Covenant and is committed to supporting the Armed Forces community. This is a fantastic example of a business recognising the value that serving personnel, veterans and their families bring to the workplace and wider society.”

Marten added: “The Armed Forces Covenant is a living document, and Bluestone is committed to updating its pledge to reflect its ongoing support for the Armed Forces community.”

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Business

Small business briefing hosted by Local MS

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A BRIEFING event which considered how to best support small businesses in Wales has been hosted by Preseli Pembrokeshire Senedd Member Paul Davies. Mr Davies hosted the event in partnership with the Development Bank of Wales, Economic Intelligence Wales and the Federation of Small Businesses (FSB) Wales at the Norwegian Church in Cardiff Bay. The theme of the event was ‘productivity’, given that Wales has had a persistent productivity gap with the UK as a whole and with other international competitor regions.

Mr Davies said, “It’s always a pleasure to help facilitate discussions on how we can support small businesses across Wales. 99.3% of businesses in Wales are small or medium enterprises (SMEs) and it’s important for us to explore the opportunities there are to boost SME growth.”

“Business-friendly policies are needed to address Wales’s persistent productivity gap, and we heard from the speakers today that more support is needed in areas like skills development, infrastructure enhancements and planning.”

“As I’ve said before, the Welsh Government has some significant economic levers, and it must now use those levers to create conditions for growth in Wales. We know that when small businesses thrive, they create jobs, spread prosperity and keep our communities vibrant and it’s crucial that governments at all levels do more to support our small businesses and enable them to grow.”

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Bristol Trader to temporarily serve menu at the Castle Hotel

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The team of a popular riverside pub in Pembrokeshire, devastated by a recent fire, will relocate to a new town centre location while repair work is carried out on the original site.

On Wednesday, 6 November, a fire broke out at The Bristol Trader, situated on Haverfordwest’s riverside, causing significant damage to the building. The fire affected two floors of the pub as well as the roof space, forcing its closure. Smoke from the blaze was visible across the town as firefighters from Haverfordwest and Milford Haven worked for two hours to extinguish the flames.

Following the incident, the pub’s owners expressed their sadness, describing the team as “absolutely heartbroken” but determined to reopen and come back stronger. They extended their gratitude to the regulars, locals, friends, and family who have offered their support during this difficult time.

In the meantime, The Bristol Trader team will continue operating from an alternative venue. Beginning Monday, 18 November, the pub will relocate to the restaurant of the Castle Hotel, located on Haverfordwest Square, where they’ll serve the same menu.

“While repairs are being made to The Bristol Trader, Team Trader are being temporarily relocated to The Castle Hotel Restaurant from Monday the 18th of November,” announced the team in a social media post. “All our menus are attached to our Facebook page, and the phone lines are being redirected.”

Anyone with a booking at The Bristol Trader who hasn’t been in touch since the fire on 6 November is encouraged to contact the team at 01437 762122.

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