We’ve all heard about the gender pay gap. Sadly, the gap doesn’t just exist with base pay.
Research carried out by Legal & General in 2021 across the four million members in our Defined Contribution (DC) pensions, found that there’s a gender pension gap too, continuing the divide between men and women.
The gender pension gap is the percentage difference in income between men’s and women’s pensions. It begins at the very start of a woman’s career and at every age bracket women are shown to have smaller pension pots. By the time they reach retirement, the average size of a man’s pension pot is twice that of a woman.
However, it is not only the difference in wages that has an impact. There are many more reasons for the gap – women are traditionally more likely to take career breaks or work part-time to care for children or family members. 900,000 women a year retire early due to menopause so when their earning potential is at its highest, they’re leaving employment. Given women on average live longer than men, the fact that on average they are retiring with half the pension pot of men is an even greater issue.
This webinar will highlight the latest research on this issue, before turning to what steps can be taken and are being championed by the L&G Pension Equalities Taskforce to address the current gap - by individuals and by employers, the wider pensions industry and in changes to the policies set by Government.