A new study shows that women are getting much lower pension contributions from their employers than their male colleagues, which will lead to poorer retirement. On average, a woman will have a pension pot at retirement that is £47,000 less than a man’s.
The Telegraph reports –
“The analysis, from insurer Zurich, is based on 250,000 pension plans… It is a not a historic phenomenon applying only to older generations of workers… Last year, men under the age of 35 received £217 more on average in employer pension contributions than women of the same age… The explanations go beyond the gender wage gap, which currently stands at 9.4pc, according to the Office for National Statistics‘ latest survey of earnings… Men are more likely to work in sectors with generous pension schemes, and are more likely to be promoted into senior roles, which often come with better pension deals… Additionally, out of the 250,000 plans analysed by Zurich, 155,000 were held by men, indicating that “there are significantly more men receiving pension contributions in the first place” according to the report. “