The gender pension gap – and how Path can help
A major trades union has exposed a massive gender gap in pension pots; the Prospect Union estimated it to be 38 percent between men and women. That’s more than double the gender pay gap – which is estimated to be 15.4 percent.
The gap has led to calls from the Trades Union Congress to the Government to address the disparity after retired women were found to be going four and a half months each year without receiving any retirement funds.
They said ministers needed to “urgently fix” the pension auto-enrolment system and put extra funds into childcare to improve the situation.
But in a statement given to The Independent newspaper, a Government spokesperson said they had ideas in place.
“Automatic enrolment has helped millions more women save into a pension, with participation among eligible women in the private sector rising from 40% in 2012 to 86% in 2020 – equal to that of men.
Our plans to remove the Lower Earnings Limit for contributions and to reduce the eligible age of being automatically enrolled to 18 in the mid-2020s will enable even more women to save more and start saving earlier.”
If you’re thinking about your pension or want advice on moving your funds from one pot to another, Path can help you.
As the UK’s first financial advisory firm set up with climate change at the heart of its operations, you can be sure that not only will we offer you advice on your pension, but we will do so in a way that doesn’t harm the environment.
We run a gender diverse operation and are ready to take on your case and more than 50 per cent of our customers are women.
We’re keen to change the landscape in the financial sector to make sure women are heard and valued while giving all our customers the freedom and ability to understand their financial choices.
We recently spoke at the Women of the World festival, helping to steer change and empower women on their money.
So, whether you’re looking for a pension for a child’s future, a personal pension, or information on how to maximise your State Pension, we can help you.
No matter your gender, we will provide you with the tools, knowledge and guidance on your pension to ensure you can make the right decision in a way which is eco-friendly.
So, what are you waiting for? Get in touch with an advisor at Path today and start investing in your future.