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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Research reveals gender gap between pension pots

The gulf between the pension pots of male and female retirees has now reached nearly £30,000, according to new research.

The findings from the eighth annual Scottish Widows Women and Pensions Report revealed that women are putting away an average of £776 per year less in pension savings, compared to their male counterparts.

This is up from a gap of £700 recorded last year, and is creating a significant shortfall in their retirement income.

As a result a 30-year-old woman who opts to retire at 65 and continues saving at this average annual rate will face a deficit of £29,800 in today's money, compared to the figure amassed by male pension holders.

The report also revealed that the percentage of women failing to save for retirement has been higher than the figure for men for the past three years.

In 2012, the percentage of women failing to put a pension plan in place for their retirement years reached 26%, while this is a lower 19% for men. In 2009, these respective figures were 26% and 15%.

“Important differences in lifestyle such as being more likely to work part-time or have a full-time caring role, mean women often find it more difficult to save for the long term and retirement,” said Lynn Graves, Head of Business Development, Corporate Pensions at Scottish Widows.

“It has therefore never been more important for the pensions industry, Government and employers to raise awareness of this gender gap in retirement savings and help women prioritise their pensions.”

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