Wives warned of pension policy gap

Half of all married men who used their pension pot to buy an annuity bought a single life policy, according to insurer Standard Life.

This means that if they die before their wife, their other half will not receive any income from the policy.

But if they had purchased a joint life annuity, their wife would continue to receive a pension income after they died, although the rates paid on the annuity would be lower than for a single life one to reflect the longer period for which it is likely to pay out.

The lack of pension provision for women comes despite the fact that they live for an average of nine years longer than men, while they are half as likely to have a private pension, leaving them reliant on the state pension.

Mark Polson, head of customer management at Standard Life, said: "Women will most likely outlive men, yet are least likely to have a plan for their money in the future, creating a pension income gender gap.

"It's just not enough for a woman to rely on their partner's pension plans and by not taking control of their own future, they put their future income at risk.

"We are asking women to reality check their long-term plans now to secure the future they hope for themselves."