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Bridging the Gender Pension Gap

How much are you due to receive in retirement? According to new research,
the answer may depend on whether you are male or female. Researchers
revealed that the average UK male aged 55 or over will currently
expect to receive an annual retirement income which is 37% higher
than their female counterparts; equating to £444 extra per month.

Admittedly the pension gap has been coming down in recent years. And these
figures do look at pension incomes across the retirement spectrum so
will include some who may have retired well before any move towards
pay parity came into being. Nevertheless, it is a wake-up call for
those who don’t realise that the pay gap can have implications
right into retirement. Particularly so, when you consider that on
average women save 5.1% of their earnings into pensions, compared to
4.9% from men. It’s also a good reason to undertake regular pension
reviews which can help to highlight whether existing pension savings
are on track to meet expected retirement needs.

If you are looking for advice on pensions, or if your situation has
changed and you may therefore need to review your existing pensions
or investments, contact Beckworth by using one of the links on our
website.