The Gender Pensions Gap – International Women’s Day 2021
08 March 2021
The past year has brought difficult times for families and now more than ever we need to look at how women can improve their financial circumstances while working to secure financial stability in retirement.
On International women’s day we focus on how women can achieve a more sustainable financial future for themselves.
Though over 50% of women are now active in the labour force, women are still far less likely to have pensions than men and their pensions are likely to be of lower value. Research in this area concludes that one of the main sources of women’s economic vulnerability at pension age is their interrupted work history due to care responsibilities. The Marriage Bar which was in place in Ireland until 1972 has had a major impact on pension entitlements for women.
The OPSG (Occupational Pensions Stakeholders Group) issued guidance last year on how the Gender Gap can be reduced:
https://www.socialjustice.ie/content/policy-issues/gender-pensions-gap
To highlight what women can do to help their situation regarding their pension entitlements, the Pensions Authority have a helpful checklist and guide which outlines the pension options available:
Should you have any queries and would like some advice on how we can help, please contact Emma Duffy eduffy@invesco.ie or Miriam Bourke mbourke@invesco.ie