Women and their Pensions

There are two ways of looking at the ageing. If your cup is half empty; you might imagine an inevitable downward decline in physical and mental attributes but, if your cup runneth over - you will count your blessings; spend an alarming amount on face cream and continue as an asset in any workplace, no matter what your chronological measure.

However, there is no escaping the fact that it is never too early to think about your retirement - and just in case you have not got around to it, others are thinking about it for you.

The Equalities and Human Rights Commission is looking to bring about a reform of retirement age and indeed have made it the focus of its pre-election campaigning. The EHRC, supported by Saga, have called for the retirement age to be scrapped entirely.

Apparently, the EHRC proposals are backed by a survey into older workers’ aspirations. A quarter of men and two thirds of women aged over 50 say that they want to carry on working beyond state pensionable age.

There is a world of difference however, between ‘want’ and ‘need’. The existing default retirement age allows employers to require all staff to retire at 65. The decision is appealable and interestingly 1.3 million people work beyond state pension age. Is this because they have chosen to lengthen their working lives - or simply that they have no other option financially?

Isn’t it fair to argue that if you have worked throughout your life and contributed to not only your state but also a private pension fund, it is a reasonable expectation that retirement provision will reflect your efforts? Apparently not, if you are the average working woman your payable pension will reflect your gender.

Kay Burt, of Kay Burt Investments comments:

“Many women lose out in terms of pension income in the UK. They often receive lower pension income from employee pension plans, because of lower average pay and fewer years worked, due to time off to raise children. They also receive lower annuity income payments when they come to take their personal pension benefits as well, as they tend to live an average of 3yrs longer than men; this is taken into account when the pension companies determine how much annual income they will pay women, compared to men for the same accumulated pension fund.”

There is a double whammy here. The disparities in gender provision are further highlighted by the fact that women who worked part-time to facilitate the business of raising a family were often prevented from joining a company pension scheme at all; leaving them reliant upon a state pension scheme which is historically calculable upon the number of years worked and paid proportionately.

By removing the default pensionable age and minimising pay outs from pensions funds, many women will be forced to continue working at a time in their lives when they would prefer not to. Jeanette Wheeler Employment Partner at Birketts Solicitors comments:

“I predict that one result of this change in legislation will be that whilst some people will benefit, (it is clear that for economic reasons there is a necessity to allow people to work longer, when such poor pension provision has been made by so many) employers may well seek to performance manage or discipline older employees who in the past they had left alone on the basis that they would be retired soon. I have come across many such situations....”

This comment reflects recent research at the University of Portsmouth that women of around 60 report being less happy at work than their male counterparts.

Whatever the reason, it appears that a woman’s decision to retire will be coloured by legislative and financial impositions and that age is no longer a pre-requisite for determining when. http://www.green-light.uk.com" www.green-light.uk.com

Time Machines !

I like this time of year - it offers the perfect opportunity to think about what lies ahead. Aside from contemplating your expanded waistline and depleted bank balance; I suggest you reflect upon how you can make your most precious resource - time, work for you over the next 12 months. As we all know, time is limited and the lack of it gave birth to every skilled working woman's effective answer - multitasking.

The need for clear thinking and organisation has reached an all time high over the last few years. Not only are we judged by our ability to juggle work/home/our contribution to the community and also remain Nigella Lawson delicious - we now have another time vacuum to cater for - our 'on line presence'.

Last year, I devoted many days of my life developing my LinkedIn profile; alongside the plethora of other online necessities - but, the more you participate, the more time you have to spend keeping up to date. So much so that there doesn't seem to be enough time in a day - and there’s the rub. When do you call a halt and concentrate on the real people in the room? I know that I keep up to date in the early evening; whilst also cooking dinner, loading the washing machine and yes it has to be said, probably ignoring everyone with a pulse in the near vicinity.

This does beg the question - why are we all so desperate to be seen online - and is this extraordinarily time consuming; but apparently necessary 'presence', a good thing?

Ofcom, the communications regulator, researched modern online activity recently and found that this almost epidemic form of time swallower, is at an all time high. Over a third of people questioned admitted to being online in the evenings (phew!). Moreover, women have closed the gender gap and are leading the way, particularly in the forum of online social networking. The number of women using social networks, for business and pleasure has grown by 53% over the last year alone.

Social networking is undoubtedly embraced by working women because it is the easiest and perhaps more importantly - the quickest, way to keep in touch; whilst also maintaining some semblance of a work life balance.

Men like socialising on line too, but multitasking women are naturally drawn to this type of relationship building; Twitter is a case in point; limited to 140 characters you can post a quick update in a moment.

I would never suggest that quick tweets and emails should replace face to face contact. There will always be a need for the personal touch; but the internet appears to satisfy our need to be sociable; the astounding growth of online interaction proves this.

Yes of course, the need to keep up to speed with online activity and contending with real life can be exhausting - as with all multitasking it requires commitment and planning - but hey, working women have been excelling at both since time immemoriable.

So, with this in mind you may be tickled to know that according to researchers, we have effectively gained between 5 - 7 hours of free time each week since the 1960's. I have no idea how we have managed to do that and I have no idea where I might find them - but it does give me hope that if I continue to multitask so effectively in 2010 I will have enough time to sit down with a cup of tea and do absolutely nothing - well, until someone sends me a text !

Mary-Jane wishes you all a very happy and healthy New Year.

mary.jane.kingsland@gmail.com