scandal", meaning they could be more likely to need a personal loan when older.

Addressing the Commons work and pensions committee he noted that "only 50 per cent of women get the basic state pension".

Women are effectively punished by the current pensions system for taking time out from work, therefore national insurance contributions, to act as carers to children and the elderly and sick.

The Guardian newspaper reported that Mr Johnson had voiced support for the LibDem-proposed 'citizen's pension', moving away from a strictly contributory system.

Help the Aged said that this would represent the "first step in addressing the chronic poverty experienced by older women".

The charity Oxfam estimates that poverty affects one in four women compared with one in five men, with the elderly notably at risk.

Source : ukloannews.co.uk