February 2020

05Feb

Pension inequality: Not enough is being done to close the wealth gap for women of colour in retirement

Since the dawn of auto-enrolment in 2012, the narrative from some in the corridors of power is that we have a pensions system which works for everybody. Not quite. While more than 10 million more workers have started saving over the past eight years, we still have a long way to go before we can argue with a straight face that the playing field for retirement saving is a level one. We now have more evidence about who the...

February 5, 2020
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December 2019

02Dec

UK. The Gap Between Male and Female Retirement Savings Is Astounding

Saving for retirement is crucial. Without independent savings, you risk struggling financially during your golden years. And when you think about the expenses you'll face when you're older, it's easy to see why. Read also UK. Digital Bank Revolut Partners With Smart Pension to Offer Business Pensions Functionalities Even if you manage to pay off your mortgage in time for retirement, you'll still need to cover other homeownership costs like property taxes, insurance, and upkeep. And while you won't have...

December 2, 2019
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November 2019

11Nov

Ireland. Eldercare can be a double whammy for working women

Recently my colleagues at the Economic and Social Research Institute (ESRI) presented research results on the gender pension gap in Ireland. The research, sponsored by the Pensions Council, which advises government on pension policy, showed a gap of 35 per cent between the pensions of men and women. It also showed that this gap is driven by differences in access to occupational pensions. Subsequently, other ESRI colleagues presented research on older workers in Ireland. The Health and Safety Authority...

November 11, 2019
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04Nov

Ireland. 54% of women who had State pensions reviewed after ‘cruel’ 2012 changes will get more money

54% OF WOMEN who had their State pensions reviewed following “cruel” 2012 changes are to get more money. Changes to the State pension introduced by the government in 2012 meant that carers who took time off work received less in their State pension – which particularly affected women who took time out to have children. Last year, Fine Gael promised to review the anomaly, and indicated that it would cost €55 million to fix it. The new approach meant...

November 4, 2019
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04Nov

Canada. Are automatic DC plan features affecting the pension gender gap?

With cohorts in the workforce behaving differently as they prepare for retirement, it’s important for plan sponsors to consider these differences along gender and generational lines. At Benefits Canada’s 2019 Defined Contribution Investment Forum in Toronto on Sept. 27, Jean Young, senior research associate at the Vanguard Center for Investor Research, shared a survey that found women (60 per cent) are slightly more likely than men (58 per cent) to participate in voluntary retirement plans. However, women have a...

November 4, 2019
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October 2019

28Oct

UK. Retirement income gender gap is the biggest in a decade

At first glance, the latest numbers suggest we’re all finally winning the battle for a comfortable old age. Official figures out this week from the Department for Work and Pensions and the Pension Regulator show equal numbers of men and women are now saving into a workplace pension. Even the number of employees asking to join who don’t automatically qualify – often women in part-time roles who don’t earn enough – has increased dramatically. Commenting on the figures, Guy...

October 28, 2019
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25Oct

Germany: Age Limits For Occupational Pensions Not Discriminatory Against Women

The Federal Constitutional Court clarified that maximum age limits for occupational pension benefits do not violate the general principle of equality. This confirms the jurisdiction of the Federal Labor Court, according to which maximum age limits for occupational pension schemes do not constitute age discrimination or even discrimination against women. Federal Constitutional Court, Non-acceptance order July 23, 2019 – Case 1 BvR 684/14 The complainant had initially retired from gainful employment due to the birth of her child and...

October 25, 2019
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04Oct

UK. Defeat for women in state pension age challenge

Campaigners have lost a significant legal battle against the government's handling of the rise in women's state pension age. The retirement age for women rose from 60 to 65, in line with men, and will go up to 66 by 2020, and to 67 by 2028. Women born in the 1950s claim the rise is unfair because they were not given enough time to make adjustments to cope with years without a state pension. They argued the changes were...

October 4, 2019
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September 2019

19Sep

German women pensioners receive 26% less than men

A study published on Tuesday showed that female pensioners in Germany receive on average 26% less in pension payments than men. The gender pension gap means that retired women receive an average of €140 less per month than men. The study estimates that this means that when entering retirement, the average German woman would need around an extra €25,000 ($27,500) in savings in order to close the gap for their retirement. The research was carried out at the University...

September 19, 2019
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11Sep

Ireland has gender pension gap of 35% – study

Irish men receive an average of €153 more than women in their pension payments, according to research by the Economic and Social Research Unit (ESRI). The study found the average total weekly pension income in 2010 was €280 for women and €433 for men, indicating a gender pension gap of approximately 35%. The total gender pension gap is due to differences in incomes from private and occupational pensions. Some 55% of retired men receive a private or occupational pension,...

September 11, 2019
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