In Focus: Retirement Income  

Women take action to boost their pension

She said it was not enough to get women to contribute more to close the gap; providers and policymakers alike needed to consider fiscal, behavioural, and societal issues collectively, and work to "create a more robust and inclusive pensions framework that offers fairer solutions for all".

 For almost a third of women relying a state pension alone, the difference between a financially stable retirement and a total change in lifestyle could be severe, so a great deal more support and education is needed to reduce this figure.”

Latham said possible changes could involved increasing minimum level contributions for auto-enrolment, and removing the mandatory minimum earnings threshold - as this would help more women earning just at that level or below to save more.

She also suggested a move to a flat rate of pension tax relief would help benefit more lower earners; given that proportionately more lower earners are women, moving to a flat rate of 30 per cent could typically increase a woman’s total amount of pension savings by 35 per cent, Latham argued.

simoney.kyriakou@ft.com