Women Losing £29,000 Due To UK State Pension Gender Gap
Which? uncovers the £29,000 difference of pensions between retired men and women in the United Kingdom. The UK state pension gender gap had closed slightly, but according to Which? its speed is not enough.
The UK state pension is currently at £159 a week and is available to anyone who had paid 35 years of national insurance contributions. They must also have reached the ages of 65 (for men) and 64 (for women).
Further research by Which? showed that the average weekly pensions of £153.86 for men results to an annual pension excess of £29,000 compared to women who received only £125.98 a week.
The government initiated the state pension gender gap close to remove the disadvantages of low-earning women to receive better pensions similar to their male counterparts. The amount they receive, about 81.9 per cent, was up from 79.7 per cent from August 2015 and 77.7 per cent from August 2017.
Despite the inequality women suffer from pensions, the Department for Work and Pensions believes Which?’s analysis did not include “contracted-out” workplace pensions. The department said these contracts played a huge role up to April 2016.
The department added that income-focused surveys on pensions only show part of the bigger picture. The Department for Work and Pensions stresses that the new state pension system is simpler and easier than its predecessor with millions benefitting from the improvements.