June 2021
24Jun

The Gender Pensions Gap

By A recent report by the trade union Prospect found that the gender pensions income gap (39.5%) was more than double the size of the total gender pay gap (18.5%), with the average female pensioner £7000 p.a. poorer than their male equivalent.2 This inequality in the present is the result of the unequal accrual of pension entitlements over decades. It is mainly the product of women’s lower state pension entitlement, the gender pay gap, lower historic access to workplace pensions and...

June 24, 2021
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24Jun

Women and Retirement in a Post Covid-19 World

By Margaret Claire Dale, Susan St John Women on average live longer than men and are more likely to live alone or be widowed. In spite of their greater needs, they are more likely to arrive at retirement without secure housing, to have saved less because of caring duties and lower wages, and thus to experience greatly restricted lifestyles in retirement. They are more likely to require expensive end of life care for longer than men on average and endure...

June 24, 2021
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11Jun

Pensions – 5 things for policy makers to close the gender pensions gap

Three tenths (30%) of women do not have any private or workplace pensions, and will receive a state pension only at retirement, almost double the amount of men (17%) in the same position – showing that women have less savings and are less prepared for a financially stable retirement. • The pensions gap widens even more, later in life. Almost two fifths (38%) of women over 55 will rely on a state pension only, compared to 17% of men...

June 11, 2021
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May 2021
26May

How Regulators Use Sex-Disaggregated Data and RegTech to Enhance Financial Inclusion

By Toronto Centre Financial inclusion of women brings disproportionate benefits to their families and to economic development, yet in many countries an access-to-finance gender gap remains. Sex-disaggregated data (SDD) is key to monitoring and addressing this problem. This study examines the role that financial services regulators can play in efforts to address financial inclusion of women: how they are using, or could use, SDD to enhance women’s access to and use of financial products and services of the right quality that...

May 26, 2021
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12May

Australia’s Budget Takes Steps to Narrow Gender Gap in Pensions

Australia is taking steps to lift retirement savings of women in a bid to address the gender pension gap. The government will remove the A$450 ($352) per month earnings threshold before employers are forced contribute cash into their workers’ retirement funds by July 2022, according to budget documents released Tuesday. Australia will also increase compulsory pension savings to 10% of a worker’s wage from July 1, as previously legislated. Read also Australia Considers Paying Pensions on Parental Leave Program The plan comes...

May 12, 2021
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April 2021
26Apr

Australia. Women retire with over $30,000 lower balance in super than men

Australians need to prepare for retirement and take control over when and with how much they want to retire, according to chief analyst at Wealth Within, Dale Gillham. He stressed it was also concerning that women retired on average with a balance of $122,848 in super compared to men who, according to the Association of Superannuation Funds Australia (ASFA) figures, retired with an average of $154,453. “When you look at the figures on how much Australians are retiring on, it shines...

April 26, 2021
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07Apr

UK. Pension communications ‘failing to engage’ more women than men

The FCA's Financial Lives research revealed 60% of women are unaware of the charges on their defined contribution (DC) pension compared to 44% of men, while 57% of women have not reviewed how much their pension is worth in the last 12 months compared to 46% of men. Additionally, 14% of women admitted they do not read their annual statement, more than double the 6% of men who do not read it. More than half of women (53%) did not choose...

April 7, 2021
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March 2021
29Mar

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...

March 29, 2021
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23Mar

UK. PensionBee cuts gender pay gap to 4%

PensionBee has reduced its median hourly gender pay gap to 4 per cent, in line with its aim of achieving equality with a variance of 5 per cent permitted due to the overall size of the employee base. The pension provider, which also noted it had a median bonus pay gap of 0 per cent among its staff, said it had achieved gender employment parity across all levels of its business, while figures from the Office for National Statistics (ONS)...

March 23, 2021
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17Mar

Virus exacts toll on women’s retirement savings, workplace diversity efforts – panel

The issues facing women in saving for retirement dominated discussions at Pensions & Investments' Defined Contribution Spring Virtual Series held March 8-11. With the pandemic bringing those issues into sharp relief, talk centered on the "shecession," a reference to the COVID-19-triggered exodus of women from the workforce as they wrestled with the lack of child care options. During a panel discussion on the first day of the conference, which coincided with International Women's Day, speakers lamented the departure of women from...

March 17, 2021
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