The current British pension system, including state and private pensions, is grossly inadequate for most women. It neither meets women’s needs nor takes account of their different life experiences, meaning that too many women face poverty in old age.
When it comes to pensions women lose out because:
- Pension systems are designed around a model of someone in full time work throughout their adult life. Women’s caring responsibilities mean their working patterns generally do not fit this model. They are more likely to have periods out of paid work and periods of part time work.
- They continue to earn less than men, so are less likely to be able to save into private pensions.
- They have less access to occupational pensions than men.
- They live longer than men and get lower rates on annuities.