How the Pensions System is Failing Women

Thanks to auto-enrolment, more people are adequately saving for retirement than before, but the scheme unfairly penalises women

Emma Wall 27 February, 2017 | 8:00AM
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Thanks to government initiatives and workplace engagement, more people than ever before are paying into a retirement saving scheme in the UK. Auto-enrolment has signed up 7.2 million people for defined contribution workplace pensions over the last four years. Auto-enrolment now enters the final sprint to 2018 enrolling the smallest businesses’ employees into pensions – bringing the total expected figure to more than 10 million scheme members.

Just 10% of women are ready for retirement, based on their current savings

Thanks to auto-enrolment, and a greater awareness of the importance of pension provision, more people are adequately saving for retirement than before – 56% compared to 45% three years ago, according to life company Scottish Widows. But that still leaves 44% of people without adequate pension provision; While auto-enrolment may look like the cure-all, its effects are limited.

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About Author

Emma Wall  is former Senior International Editor for Morningstar