Pension gender gap continues to grow, survey finds
Pension gender gap continues to grow, survey finds
Tuesday 16th February 2010
The pension income gender gap is continuing to grow, a new study has found, with women expected to receive an average of £7,424 less than their male counterparts.The study from Prudential revealed women planning to retire in 2010 can expect to receive an average annual pension of £12,169, while men can expect £19,593.
The Class of 2010 retirement survey found the pension gap has increased significantly since last year when it stood at £6,642.
There has been a sharp decrease in expected pension incomes over the last 12 months, with the gender gap widening as a result. Men's average annual pension has dropped by 3.5 per cent from last year, while women's annual rate has dropped by 11 per cent for 2010.
Commenting, Karin Brown, director of pensions and annuities at Prudential, said: "The reason women appear to get less in their pensions than men is embedded in years of history and, to a certain extent, because some women take a career break to have children which has an impact.
"But there is plenty of scope for women who are working and contributing to a pension to help reduce this deficit in future. By talking to your employer you can find ways of boosting pension savings and maximising the tax advantages that pension savings can bring."
She went on to urge women to consider trying to keep company or private pension contributions even if they take maternity leave or an extended career break, or even ask their partner to make contributions of them.
Today's survey also discovered the average annual pension for those retiring in 2010 can vary by some £5,000 around the country, with those in the south east, for example expected to receive an average annual income of £19,275, while those in the south west can expect just £13,871 per year.
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