Personal pension plan provider Prudential claims gender gap is growing
A new survey by Prudential has found that the pension gender gap is widening.
A leading personal pension plan provider has revealed that the pension gap between men and women has continued to grow.According to the Prudential Class of 2010 retirement survey, a woman's expected pension this year is £7,424 less than a man's, while women's pensions have fallen by 11 per cent since 2009.
Prudential has claimed that women who intend to retire in 2010 expect to receive an average yearly pension income of £12,169, but their male counterparts can anticipate an average pension of £19,593.
Further to this, the pension income gender gap has increased by £782 since last year when the difference was £6,642.
This trend has occurred in spite of there being an overall decrease in expected pension incomes over the last 12 months.
It has also been revealed that the mean expected pension income for men and women is down from £17,779 in 2009 to £16,509 in 2010, a fall of £1,270.
Karin Brown, Prudential's director of pensions and annuities, explained that the results can be partially attributed to the fact that women often take career breaks to look after their children.
She added: "There is plenty of scope for women who are working and contributing to a pension to help reduce this deficit in future.
"By talking to your employer you can find ways of boosting pension savings and maximising the tax advantages that pension savings can bring."
Meanwhile, Standard Life, the rival pensions provider, recently claimed that almost 250,000 taxpayers are missing out on half their tax relief, the Telegraph reports.
Posted by Rosie May
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