Arabic
Chinese (Simplified)
English
French
German
Portuguese
Russian
Spanish
UK women have up to 45% less in pension at retirement than men
The UK pensions system disadvantages women compared to men, with females having between 25% to 45% less in their pension pots at retirement, new data has shown.
According to analysis from professional services consultancy Barnett Waddingham, the gender pension gap begins to diverge most after the age of 32, with men contributing up to £1,500 ($2,068) per annum more into their pension than women.
This is despite contributing the same percentage of their salary.
The research, which analysed the data and saving trends of some 35,000 members in seven defined contribution (DC) pension schemes, found that the gender pensions gap is caused by several factors, including the gender pay gap.
The findings highlighted that the pensions system is failing to support mothers, as the impact of career breaks is a driving factor behind women having less pension savings.
For a woman taking two 12 month career breaks in her early 30s, with no increase to pension saving or salary during this time, she can end up having 10% less in her pension pot at retirement compared to a woman with no breaks.
Read more @Yahoo Finance
