Half of couples risk leaving partners without income

Almost half of couples over the age of 40 have failed to make financial arrangements to ensure that their other halves will continue to receive an income on the death of their partner

Nearly 1 in 5 women plan to rely on their partners’ retirement savingsold couple

Just two in five (42 per cent) couples over the age of 40 in the UK have made arrangements to ensure that one partner will continue to receive a retirement income after the other dies, according to new research from Prudential1.
Almost half of couples over the age of 40 have failed to make financial arrangements to make sure that their other halves will continue to receive an income on the death of their partner

Women are most at risk, with nearly one in five (18 per cent) planning to depend entirely on their other halves for their retirement incomes, compared with just two per cent of men.
The insurer’s annual Couples’ Conversations study, which provides insights into the finances of  co-habiting couples over the age of 40, also found that joint retirement planning discussions have declined over the past twelve months.

Nearly half (47 per cent) of couples have never discussed the impact that one partner’s death could have on their current pension arrangements – a 13 per cent increase since last year.

Couples in the North East are the least likely to have made joint retirement arrangements. Almost two thirds of couples (65 per cent) in the region admit to not having made plans to ensure they will continue to receive an income in retirement, should they outlive their partner. Those in the Eastern region are the most savvy when it comes to financial planning, with nearly three quarters (72 per cent) claiming to have some arrangements in place.

Vince Smith-Hughes, retirement income expert at Prudential, said: “When a couple is planning for retirement, it is understandable that they would want to focus on the positives – like what they will use the extra time for.

“However, putting some time aside to discuss sensitive issues, like life after the death of your partner and the financial implications that it might have, is a vital part in ensuring the right financial arrangements are in place for the future. These conversations are especially important for those who are planning to rely on their partners for their retirement income.

“The changes to pensions and how people can access their retirement incomes announced in the Budget in March will provide savers and retirees with more choices. As a result, it has never been more important for couples to discuss their retirement planning arrangements. There is plenty of free information available on this issue from independent organisations such as The Pensions Advisory Service (TPAS), while a consultation with a financial adviser or retirement specialist will help many couples to plan more effectively together for the future.”

The study shows just one in five couples (20 per cent) have shared pension saving arrangements, while 65 per cent have their own individual arrangements. One in ten (11 per cent) have made a will but won’t have any other financial arrangements in place should they find themselves in this unfortunate situation.

For further information on how couples can successfully plan for retirement together and for Donna and Vince’s hints and tips on having the right conversations, please see our Couples’ Guide

Table One: Joint Retirement Arrangements

Prudential table

Transdermal to float on London AIM – March 2007


London: The UK company, Transdermal Cosmetics Ltd, a wholly owned subsidiary of Transdermal Sciences PLC, is to float on the UK’s AIM stockmarket later this year.

It has plans to bring several anti-ageing products to the consumer market, based on the parent company’s patented “somazone” technology. Somazone is a technology that effectively shrinks the large molecules in active ingredients, such as collagen, so that they can be more easily absorbed beneath the skinÂ’s surface.

The company also plans to make the technology available to cosmetic and pharmas in the same way as fabric manufacturers are able to incorporate Lycra into their products.

Transdermal’s first product “Entrederm”; a collagen-based face cream, has been independently tested in the US, where it is currently being sold through TV infomercials.

Transdermal intends to launch a number of cosmetic products based around the Somozone technology both in the US and Europe. It is envisaged that products will initially be launched through direct sales via an infomercial campaign and Tansdermal’s internet site and through sales in doctors’ offices in the US with retail store distribution to follow.

Dermacia Inc

Dermacia Inc. Successfully Raises $10 Million to Date in First Round of Private Funding; Gemini Partners Engaged to Explore Additional Financing Opportunities for Cosmeceutical/Skin Care Company

NEWPORT BEACH, Calif, May 19, 2005–Dermacia Inc. today announced that it has raised $10 million since commencing its first round of private funding and that Gemini Partners, Inc., a Los Angeles-based investment banking group, has been engaged to explore additional opportunities to finance Dermacia’s rapid growth and new product initiatives.

The Company recently announced the introduction of a new line of specialized cosmeceutical products designed for a mass worldwide market, augmenting its proprietary Lycogel(TM) line of camouflage makeup designed for post-surgery, post-treatment and dermatological conditions. The term “cosmeceutical” denotes the rapidly growing market for cosmetics and skin care products formulated to provide therapeutic benefits and active ingredients to the user in addition to color and coverage.

Matt Nicosia, Dermacia’s chief executive officer and co-founder, said, “Dermacia’s success in this initial round of private funding is a validation of our business model by accredited investors. We are taking the next step with Gemini to evaluate and meet our capital needs in view of our rapid sales growth and aggressive marketing and product initiatives, including research and development of nanotechnology and genetic science applications in cosmetics and skin care.”

Gemini Partners’ Principal Nathan Johnson added, “Gemini Partners is very excited to work with Dermacia. We believe the Company has a significant opportunity to expand its business and are committed to helping them attain the proper capitalization necessary to realize this potential.”

Dermacia has recently started marketing products over the Internet and is currently in production on an infomercial scheduled to begin airing in September. The Company’s new product line is scheduled for presentation on QVC this summer and fall.

The new exclusive line of foundation, facial concealer, moisturizers and powders addresses the estimated 50 million people who cannot use traditional cosmetics due to sensitive skin conditions, including rosacea, acne, psoriasis, and eczema. These products augment Dermacia’s existing Lycogel(TM) and Dermesse(TM) “medical” product lines, sold today through more than 1,000 physicians’ offices as well as surgical and dermatology centers and pharmacies across the U.S. and Mexico. The new line will be sold to consumers via the Internet and TV direct marketing, and in selected high-end retail locations.

The Company identified a major market void for cosmetics and skin care products combining color and coverage superior to that of traditional makeup brands with revolutionary breathable formulations and therapeutic properties and ingredients. The result was Dermacia’s successful Lycogel(TM) product line. Unlike ordinary cosmetics that suffocate the skin, Lycogel — and all of Dermacia’s product lines — have a patent-pending tissue respiratory factor that increases the amount of oxygen reaching the skin — in effect, allowing up to 300% more air to reach the skin than with leading makeup brands and, most notably, 10% more than wearing no makeup at all.

Lycogel, developed four years ago and exhaustively tested prior to its 2003 market introduction, is available in the U.S. exclusively through physicians. Lycogel is used in numerous top medical clinics, hospitals, universities and burn centers to speed recovery and minimize scarring of burn victims and patients undergoing reconstructive surgery.

Gemini Partners is a Los Angeles-based boutique investment banking firm focusing on small- and mid-cap companies. Since 2002, Gemini Partners has sourced and raised capital in the form of private equity, venture capital and micro-cap public offerings for a number of companies in four focus sectors — healthcare, technology, financial services and media & entertainment. To date, Gemini Partners has been involved in more than 10 micro-cap public offerings, acting in a capital sourcing as well as consulting role. For further information, visit Gemini Partners at www.geminipartners.net

Dermacia Inc., established in 2000, combines biotechnology, cosmeceuticals, cosmetics, nanotechnology and leading edge genetic science as the technology hub for skin care products marketed under the Lycogel(TM) name and a growing portfolio of other brands. Lycogel products, sold exclusively through medical professionals, are designed for post-plastic surgery cover and special camouflage applications, facilitating rapid healing of wounds and minimization of scarring while providing effective, flawless cover.

The Company’s proprietary Lycogel Complex(TM), with tissue respiratory factors and a breathable triple-silica gel base, delivers additional oxygen to wound areas to promote rapid healing and minimization of scarring. The line includes a camouflage foundation, concealer and a moisturizing recovery serum spray. Extending Lycogel technology to the broader public, Dermacia has recently introduced its first consumer lines, offering similar therapeutic benefits, color correctness and Dermacia’s legendary sheer cover. The Company, based in Newport Beach, California, sells its products in the U.S. and internationally. More information is available at www.dermacia.com