Narrowing of the retirement gender pay gap
27 May 2011
It has been reported by Prudential that women have narrowed the retirement gender pay gap by £900 as compared to last year, but still retire on average incomes 50% lower than men. Women now expect average incomes of £12,900, as compared to £19,400 for men.
The head of business development at Prudential, Vince Smith-Hughes, says that women should try to maintain pension contributions during any career breaks and see if they can make voluntary national insurance contributions when returning to work.
The chief executive of the National Association of Pension Funds, Joanne Segards, says that: "The gender gap may have narrowed slightly, but our society as a whole remains on a collision course with its retirement. Too many people are not saving, or are not saving enough... Government plans for a simpler, more generous state pension should help, as will the introduction from 2012 of automatic enrolment into a workplace pension."
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