Narrowing the gender pay gap
A huge change to the Department of Working Pensions could see women much better off when they reach pension age, as the gender pay gap is reduced.
This figure is compared to £275,000 for an average couple with dependent children - leaving almost a quarter of a million-pound gap. Scottish Widows also found that 40% of single mothers say they are not a member of a pension, compared with 29% of women generally, according to a report.But now the DWP has said it has plans to abolish the lower-earning limit for automatic enrolment as well as reducing the age of being automatically enrolled.
"Providers, regulators and employers must collaborate urgently to address this crisis - from reconsidering the auto-enrolment threshold to far greater investment in childcare support - to help the most vulnerable in the near-term." Phil Brown, director of policy at B&CE, provider of the People's Pension, said: "The gender pensions gap isn't going to close itself and is likely to widen, unless policymakers make it easier for women, especially mothers, to return to the workplace. This will only happen if there is better access to affordable, good quality childcare, as well as automatic enrolment reform."
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