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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

Call to end ‘fad’ of ‘school dogs’ in Pembrokeshire

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A CALL to end the ‘fad’ of permanent ‘school dogs’ in Pembrokeshire for their benefit and the befit of the schools, instead using visiting ‘therapy dogs’ is to be heard next week.

Pembrokeshire County Council’s Schools And Learning Overview And Scrutiny Committee meeting of November 28 will consider a public submission by Robert Thomas – who works with therapy dogs – on the subject of school dogs.

The submission reads: “My definition of a school dog is one that spends long periods in the school and is managed and owned by school employees not outside assessed and insured visiting therapy dogs who stay for an hour with a competent handler.

“The welfare of many dogs in schools in Pembrokeshire has been compromised over the last few years and we are concerned that the rise in the popularity of school-owned or teacher-owned dogs is an animal welfare issue.

“I can think of several school dogs in Pembrokeshire where it has gone wrong for the animal.”

He cites examples of ‘school dogs’ the county, where he says they have had to be removed, with the animals being unsettled, barking and even nipping on occasions, showing “a lack of understanding of animal welfare”.

His submission adds: “We have done some work with the Animal Welfare team at the Welsh Government around licensing this field, a consultation was completed in March 2023, currently awaiting the outcome.

“It has become a fad across the country and many dogs spend all day in schools supported by staff members who have another job to do. It feels like PCC does not have a policy overarching animal welfare policy in schools to protect dogs from being seen as staff members and there purely for human benefit, not the dogs.

“Dogs need to rest and sleep during the day and not in school. The visiting therapy dog model works best as the impact is greatest and the welfare of the dog is managed externally. If the dog is there all the time that can diminish the impact, and the novelty can wear off for the pupils.

“In my experience schools should concentrate on teaching and leave the therapy dog introduction to those that have the expertise in animal welfare.”

The submission will be considered by committee members at the November 28 meeting.

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Specsavers relocates to landmark new store following £1.2 million investment

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HAVERFORDWEST will celebrate the opening of Wales’ largest Specsavers store on Monday 16 December 2024, following a transformative £1.2 million relocation to larger premises in the Riverside Shopping Centre.

The new state-of-the-art store, located at 21 Riverside Quay, promises cutting-edge facilities and enhanced services to meet growing community needs.

It will boast 14 test rooms, including two dedicated audiology suites, making it not only the largest Specsavers store in Wales, but one of the largest in the UK. Equipped with the latest technology, the premises will offer enhanced eye care, contact lens, and audiology services, easing the burden on local NHS services.

The store will also play a key role in education, supporting optometrists undertaking higher qualifications, such as Glaucoma and Independent Prescribing certificates, by providing hands-on opportunities to gain essential clinical experience.

‘This substantial investment reflects our commitment to delivering world-class eye and hearing care to Pembrokeshire,’ says Andy Britton, ophthalmic director at Specsavers Haverfordwest. ‘Our larger premises will allow us to meet growing demand, introduce advanced clinical services, and provide a dedicated training facility for optometrists pursuing higher qualifications.’

A recent YouGov survey, commissioned by Specsavers, revealed that 68% of Welsh adults wouldn’t think to visit an optician first for eye-related problems, and half (50%) would first contact another NHS service (GP, pharmacy, eye hospital, NHS 111 or A&E) if they woke up with eye issues, rather than their local opticians.

New Specsavers store under constructions (Image: Specsavers)

The survey also revealed that, of the 68% who would not visit an optician first if they woke up with an eye problem, more than a third (35%) didn’t know they could use an optician for these issues, while a quarter (25%) were concerned they’d have to pay for treatment.

Mr Britton explains: ‘We encourage anyone experiencing acute or chronic eye problems – such as sudden loss of vision, red or painful eyes, flashing lights, floaters, or headaches – to make their optometrist their first point of contact. Optometrists are equipped to manage a wide range of urgent eye issues, allowing patients to receive prompt care and avoid unnecessary trips to A&E or long waits for a GP appointment.

‘By offering quick access to eye health services, we can reduce the burden on the NHS in Wales and ensure people receive the help they need before their condition worsens.’

Andy Britton and Wayne Jones inspect progress of construction (Image: Specsavers)

The grand reopening event on 16 December will feature live entertainment from the Haverfordwest Male Voice Choir and notable attendees, including several local mayors and other dignitaries. The event will also celebrate Specsavers’ community-focused ethos, with a series of fundraising and awareness initiatives planned for 2025.

This new chapter follows the addition of Wayne Jones, retail director, to the Haverfordwest team earlier this year. With a remarkable career and commitment to innovation in optometry, Mr Jones brings invaluable leadership to the practice. His appointment, combined with the relocation, marks a transformative era for the store.

Deputy Leader of Pembrokeshire County Council, Cllr Paul Miller, praised the move: ‘Specsavers’ significant investment is a strong vote of confidence in the future of Haverfordwest. The new store is a key part of the town’s ongoing regeneration, drawing important footfall through the town centre.’

The new Specsavers Haverfordwest store will be open seven days a week, offering flexible appointment times to cater to the community’s needs. To book an appointment or learn more about the services available, visit www.specsavers.co.uk/stores/haverfordwest.

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Business

Ascona wins at the 2024 Allica Bank Vreat British Entrepreneur Awards

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PEMBROKESHIRE businessman Darren Briggs, founder of petrol station operator Ascona, has been named a winner of the prestigious Allica Bank Great British Entrepreneur Awards in the ‘Scale-Up Entrepreneur of the Year – Wales’ and the inaugural ‘Randal Foundation Entrepreneur of the Year – Wales’ categories.

Now in its 12th year, the Great British Entrepreneur Awards shine a spotlight on the individuals and businesses driving innovation, creating jobs, and shaping the future of the UK economy.

This year, the brand new ‘Randal Foundation Entrepreneur of the Year’ award celebrated entrepreneurs whose business embodied The Randal Foundation’s core mission – to save lives, improve life chances, and contribute positively to local communities.  

Ascona has been committed to supporting local communities since its inception, having established The Ascona Foundation in 2020. The success of the Group over the years has enabled Darren and the team to support many charities in the areas in which it operates, with the Company donating over £400,000 to local, national and community organisations since 2017.

Darren Briggs, Founder and Chief Executive Officer of Ascona Group, commented: “It is a great honour to be recognised for such prestigious awards at this year’s Great British Entrepreneur Awards.

“I am incredibly proud of Ascona and everything we have achieved over the years. This is another milestone for our business and the recognition is a testament to everyone’s hard work, commitment, and ‘Team Ascona’s’ ethos over the years.

“However, I am most proud of our charitable endeavors and the team’s commitment to giving back. It is something that is very close to my heart. We’re committed to supporting our various charity partnerships, including the Wales Air Ambulance this year, as we continue our extensive fundraising initiatives across the Group.”

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