Recent research has revealed that retired women effectively miss out on over four months of pension income compared to men each year. The Trades Union Congress (TUC) estimated that women are losing an average of £7,600 annually due to the gender gap.
According to the TUC, retired women essentially cease to receive a pension income compared to men starting today. The income disparity between men and women in retirement now stands at 36.5%, as per findings from the Prospect union.
To address this issue, the government has reestablished the Pension Commission, a collaborative effort involving trade unions, employers, and independent experts to investigate the root causes of the gender pension gap.
TUC general secretary Paul Nowak emphasized the importance of ensuring dignity and security in retirement for all individuals, particularly highlighting the challenges faced by retired women. Reviving the commission is seen as a crucial step towards addressing these inequalities for future generations.
Mr. Nowak further underlined the significance of creating a system that provides a decent retirement income for everyone, including women in the workforce.
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A government spokesperson highlighted the commitment to narrowing the gender pensions gap, citing the positive impact of the new state pension in reducing historical inequalities for women and low earners. The spokesperson further emphasized the role of the Pensions Commission in addressing barriers within private pensions to ensure women receive the dignity and security they deserve in retirement.