When taking into account only those who are eligible for automatic enrolment, the data for the period between 2018 and 2020 shows a smaller gap of 32%
The UK gender pensions gap in private pensions sits at 35 per cent, as per new data from the Department for Work & Pensions (DWP).
When taking into account only those who are eligible for automatic enrolment, the data for the duration 2018-2020 shows a smaller gap of 32 per cent.
This is lower than the 42 per cent gap reported during 2006-2008 when it was at its peak, before auto-enrolment raised the number of lower paid workers contributing into workplace pension plans.
As per the most recent data, the size of the gender pensions gap differs in age. The smallest gap is for those aged 35 to 39 (10 per cent) and then rises to 47 per cent for those between 45 and 49.
The gender pensions gap lessens again during the later years of working life.
The Department for Work & Pensions stated this pattern is like the trajectory of the gender pay gap, which demonstrates a comparatively less gap up to the age of 40 when it nearly trebles because of different labour market trajectories of men and women.
For those eligible for automatic enrolment, the gap is lesser compared to the population-wide metric across all age groups.
This means that women in those age groups have accrued more private pension wealth compared to men and is in accordance with participation rates of female workers when eligible for auto-enrolment.
The figures demonstrated that for all savers, from the age of 40, women return to lesser median pension wealth compared to men, with women aged between 40 and 44 having saved 33 per cent less pension wealth compared to men.