Pensions

Pensions – the real gender pay gap | Money

Feelings are running high over unequal pay. But women fare even worse once they stop work, retiring on 40% less than men

Lisa Unwin says better communication would help to narrow the gender pension gapANNA BATCHELOR

When Felicity Hawkins started her first job in the 1970s, she and other women of her generation expected to be able to retire aged 60, as their mothers had before them. Now 63, she is still hard at work, handling branding for international companies.

She will be unable to draw her state pension until she is 65 years and three months old. Although she has previously paid into workplace pensions, her retirement pot is smaller than it could have been because she took time out to care for her elderly mother.

Women’s pension pain in numbers

  • 27% Proportion of women who don’t understand pension information they are given
  • 11% Proportion of women who avoid checking their pension savings because they fear they have saved too little
  • 14% Proportion of women who say pension freedoms introduced in 2015 made them realise they needed to plan more for retirement
  • 62% How much more likely women are than men to invest in a pension fund with a lower expectation of growth

“My pension isn’t huge — I don’t earn a fortune, nothing like the good old days, and I still have a mortgage,” she said. “But I am lucky that I can still make national insurance…

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