MOSCOW (Pakistan Point News / Sputnik - 08th March, 2021) The average woman in her twenties will retire with �100,000 (a little over $138,000) less in her pension than her male peers of the same age, pension firm Scottish Widows said in its report, adding that to reach "retirement parity", a woman must work 37 years longer than a man to accumulate the same pension.
"We know that young women have been some of the hardest hit by the short-term financial impact of the pandemic and this has only exacerbated the challenge of reaching pensions parity," Jackie Leiper, managing director of pensions at Scottish Widows says.
It was highlighted that small changes could close these pension gaps. According to a Department for Work and Pensions spokesman the "ground-breaking pension reforms, including automatic enrolment, have helped millions more women save into a pension, many for the first time".
Pension participation among eligible women working in the private sector has risen from 40% in 2012, to 86% in 2019.
