Women nearing retirement to get £5,000 a year less in private pension income than men, experts warn
PENSION INEQUALITY Women nearing retirement to get £5,000 a year less in private pension income than men, experts warn
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WOMEN nearing retirement can expect to get £5,000 a year less in private pension income than men, experts say.
Fresh analysis shows they will typically receive around £100 per week compared to a little over £200 a week for blokes.
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People deserve to know they'll have a decent income in retirement — but the truth is that is not the reality facing many, said Liz Kendall
The greater likelihood of a history of part-time jobs and caring responsibilities may contribute to women getting less.
Resulting lower National Insurance contributions could also curtail their state pension.
The introduction of automatic pension enrolment from 2012 has helped women and men, the experts insist.
But retirees in 2050 are predicted to have £800 — eight per cent — less private pension income than those today.
Meanwhile, four in ten workers — nearly 15million — are under-saving for their golden years, with low earners and the self-employed hit the hardest, research shows.
The Government will today revive the Pension Commission to address the findings.
Work and Pensions Secretary Liz Kendall said: 'People deserve to know they'll have a decent income in retirement — but the truth is that is not the reality facing many.
'The Pensions Commission laid the groundwork, and now, two decades later, we are reviving it to tackle the barriers that stop too many saving in the first place.'
The British Chambers of Commerce said that any costs to businesses on top of National Insurance contributions and the Employment Rights Bill would have to be 'gradual'.
And they must be paused if economic conditions worsen, giving businesses time to adjust to increased costs, it added.
Rain Newton-Smith, director-general of the Confederation of British Industry, said there must be a consensus in business, Government and society that the system is affordable for employers and workers.
Pension expert on how to retire early- Scotish Widows
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