Pay gap keeps women’s pension pots below men’s

WOMEN are increasingly saving towards their retirements, data revealed today – yet the pay gap between the sexes means that men continue to enjoy larger pension pots.

Half of all surveyed women are saving “adequately” towards their pension pots, Scottish Widows said – a seven year high, and up from 43 per cent last year.

Over half of men are saving adequately, the data showed.

Despite women upping their game, men still save as much as £700 a year more than women. On average women are saving 12.9 per cent of their incomes -- including employers’ contributions -- narrowly ahead of men, who save 12.6 per cent. It is the pay gap, rather than the degree of saving, that keeps men in the lead.

“Only 12 per cent of women under the age of 30 assume the state will contribute most of their income in retirement, compared with 28 per cent of women over 50,” the report added.