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Right, OK

Women would need to work for an extra 19 years to retire with the same pension savings as men, according to data from the Pensions Policy Institute.

The research found women retiring at 67 – the new UK state pension age from 2026 – will have saved an average of £69,000, compared with £205,000 for men.

The data, published by the PPI and pensions provider Now: Pensions, suggests that under the current system, in order to close the “gender pension gap” a girl would need to start saving at three years old to retire with the same amount of money as working men.

Career gaps, caring responsibilities, childcare costs and lower earnings all contribute to the disparity.

And the problem with this is what?

If you defer less money from your working income over the years into that pension provision for your old age then you’ll have deferred less of your working income into your pension.

And?

11 thoughts on “Right, OK”

  1. Innumeracy (making up for career gaps is not the same as working extra years, the clue is in the words “making up”) usually = telegraph.

    So I’d have got this one wrong.

  2. Women would need to work for an extra 19 years to retire with the same pension savings as men,

    They’d better start knuckling down then.

  3. I know bugger all about pensions but does this only apply to the private sector? Aren’t the public sector double pensions paid for by the poor young sods working to pay them? Isn’t that why politicians are so dead set on importing people they hope (Ha!) will pay taxes so that MPs can keep drawing their salaries for life?

  4. Can we assume that the Pensions Policy Institute only included women who worked full-time,
    didn’t take career breaks and assumed no childcare responsibilities in order to arrive at their conclusions? Or may they have been comparing apples with oranges?

  5. People who work more years. more full-time hours, no career breaks, go after the riskier betting paying jobs, earn more and have less time to spend, although a lot will get passed to wife. News at 10.
    Be interesting to know the pension pots of women who never married, and compare that to never married men and to all men.

  6. Hey, I just had a thought – what about if one of those “men” (who get the bestest pension) and “women” (who don’t do so well because the world) get together and sort of team up. While one is career-focused the other could make sure the kids are well looked after. Maybe they even swap over at some stage. It would also be easier for them to pay for a house and shit, as a team. I really think it could work.

  7. @Ivor Nydere – Sorry to burst your bubble but i gave that a try once, didn’t work out. Cost a lot of time and effort (and money) to fix it and left me feeling jaded…

    Maybe the ones who “don’t do so well” could give up a bit more to get along as a lot of the ones who “got lucky” do…

  8. “a girl would need to start saving at three years old to retire with the same amount of money as working men.”

    She needs a male chauvinist piggy-bank.

  9. You covered this in the item on Frenchness. Belief: inequality of outcomes bad. Evidence of said inequality: anything you can think of.

  10. Socialism is about trying to decree that the world, in everything from economics to physics, should stop working the way it does and instead work another way. Which it can’t 🙁

  11. I have this forlorn hope that one day they will take families into consideration as an economic unit and adjust accordingly, though as that won’t give the answer they want I don’t see it happening any day soon

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