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29-May-08 10:15 [Pensions]
Personal pensions 'absolutely vital' Women who have had breaks in employment due to motherhood have been advised to ensure they have a personal pension and other savings, such as individual savings accounts and property, in place, according to a financial adviser.
At the beginning of May the Department for Work and Pensions began a buy-back scheme to encourage woman who had missed National Insurance (NI) contributions between April 1996 and April 2002, to fill in gaps in contributions.
State pensions are based on a person's NI contribution throughout their lifetime.
Ruth Whitehead, principle adviser for financial advisory firm Ruth Whitehead Associates, said: "[Women] are far more likely to have had gaps in their employment [than men], largely due to staying at home with the children."
She added that a personal pension, depending on affordability, is absolutely vital, claiming that many women do not take out personal pensions because they are more concentrated on the needs of others.
The Pensions Advisory Service assert that the full state pension payout is available to those who have made NI contributions for 90 per cent of their working lives.
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