£85,000
The average difference between male and female pension pot sizes at the time of retirement.
£241
The current full state pension per week. Many women receive far less than this due to National Insurance gaps.
36%
The proportion of employed women who work part time. Continuing to pay into a personal pension can offset reduced employer pension contributions.
IntroductionPension planning is crucial for everyone, but women in the UK face unique challenges when it comes to retirement savings. Women typically retire with £85,000 less in their pension pot than men, with various factors impacting the amount women have to retire on. Understanding these challenges and taking proactive steps to plan early can often make the difference between a comfortable retirement and financial hardship in later years.
The report covers:
· The factors behind the UK’s private and state pension gender gap.
· Information to help you even the playing field and take control of pension planning – from checking and filling gaps in state pensions to making the most of SIPPs and tax reliefs.
· An overview of the pros and cons of different pension types, including defined benefit, defined contribution, self-invested pensions and state pensions.
· Why timing is everything with pensions: starting early could mean you need to invest less over the long run to achieve sufficient retirement funds.
· How wealth planning could help: conducting regular reviews of your pension arrangements, investment performance, and retirement goals could help you stay on track for a financially secure retirement.