UK Pensions Commission expected to reveal women £81,000 men £156,000
The revived UK Pensions Commission is expected to publish an interim report showing a big gap in pension savings: women close to retirement have about £81,000 saved, while men have £156,000.
The commission is digging into why this happens and will suggest fixes soon, with final recommendations coming next year.
Motherhood penalty flattens pension contributions
Much of it comes down to the motherhood penalty. After having kids, women's pension contributions stayed roughly flat at about £30 a week, while men's actually double.
Many women also miss out on workplace pensions because they work part-time or take on caregiving roles.
The UK ranks second in gender pension inequality among developed countries.
Commission urges childcare and pension reform
The commission wants major changes, like better childcare access and fairer pension policies, to help close this gap.
Lady Drake from the commission stressed that employers, pension providers and policymakers need to work together if things are going to change for future generations.