However, the overall gender pension gap at the age of 65 is still substantial.
On average, women at this age own one third of the pension assets of a man, according to research by the Pensions Policy Institute for the July 2019 Understanding the Gender Pension Gap report.
Worryingly, the gap widens when women take time away from work, going part-time or choosing less-demanding roles, the research found.
And, with COVID-19 having meant the loss of jobs in retain and hospitality, sectors which have been seen to offer part-time roles for many women, there s fears there could be a widening of the gender pension gap as a result, if they remain unemployed.
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By IPE Staff2021-02-25T12:02:00+00:00
The Pensions & Lifetime Savings Association (PLSA) has warned that major reforms to the UK’s pension taxation system can see employers and pension funds take on substantial costs.
Over the last year, there has been speculation that the government plans to reduce the level of fiscal support for pension saving with changes ranging from removing higher rate income tax relief, reducing the annual or lifetime allowance, introducing a flat rate of tax relief for all savers of 25% or 30%, or overhauling the system so that all pension contributions are taxed at a person’s full marginal income tax rate upfront – known as TEE.
By Susanna Rust2021-02-18T15:20:00+00:00
A more joined-up approach across stakeholders is needed to improve UK pension scheme engagement with climate change, according to a new report from the Pensions Policy Institute (PPI), a think tank.
The report triggered a call from the report sponsor, Phoenix Group, for the ESG “ecosystem” to be simplified.
The PPI’s report delves into the attitudes and behaviours affecting consideration of climate change in pension scheme investment. It said pension schemes would need to take direct action, but also flagged the need for a more coherent approach across government and industry.
According to the PPI report, the latter includes establishing a consensus across all stakeholders – government, schemes, asset managers and platform providers – on goals, and the practical steps needed to achieve them.