Women have an average of just £7,500 in savings in defined contributions schemes, compared to £14,500 for men, a study from the Pension Policy Institute has found (Pensions Adviser).
The report, the under Pensioned 2016, reveals large pension disadvantages for women, careers and the self-employed.
The findings show as well as having barely half the pension savings of men, women also receive a far smaller state pension. Using ONS data the Pension Policy Institute calculated women receive 13 per cent (£1,092) a year less than the average state pension (£2,548) a year less than men get from state pensions.
Careers were found to typically have just £5,800 in savings in defined contribution schemes – 44.6 per cent below average and careers were found to have only £6,000 amassed in defined contribution schemes – 44.8 per cent below average and careers were found to have only £6,000 amassed in defined benefit schemes – a massive 86.2 per cent below average. An Indian worker typically has less than half (£22,100) the defined benefit pension savings of a white worker (£45,500).
Black pensions receive 16 per cent (£1,404) less than the average for all pensions and 20 per cent (£1,820) less than white pensioners in state pension.
Self-employed workers typically have 4.8 per cent less in DC savings and 12.7 per cent in defined benefit savings than average pensioners.
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About Us: Churchill Wealth Management is a team of independent financial advisors/financial advisers (IFAs) based in Clifton, Bristol. We provide independent financial advice, including pension advice, investment advice, inheritance tax planning and protection/insurance advice.