‘Motherhood penalty’ | Pensions Commission: Employers must help tackle gender retirement savings gap

Employers will need to work alongside pension providers and policymakers to tackle a gender gap in retirement savings, the Pensions Commission has advised.

The government-backed body published an interim report this week, finding that some 15 million UK adults are currently not saving enough for their retirement.

Warning of a “cliff-edge” facing Britain’s workforce, the report also found that women nearing retirement have, on average, half the private pension savings of men. Women approaching retirement typically have a median pension wealth of £81,000, compared to £156,000 for men.

Pensions Commission identifies gender savings gap

Baroness Jeannie Drake, who is leading the revived Pensions Commission, warned: “Without further action, this difference will persist.”