Young adult and older lady sitting on a bench in a park, looking at a phone

Local independent financial adviser, Becky Hammonds of Willow Financial Solutions, looks at what women can do to boost their pension.

Women are still facing retirement with substantially less saved in their pensions than men. Low pay is a major contributing factor to the gender pension gap as women often take part-time positions or take career breaks to manage family commitments.

On average, women earn about 16% less than men, according to the latest figures from the Office for National Statistics.

Recent research from insurer Legal & General showed that women have lower pension pot sizes in every age bracket, with the situation “significantly deteriorating” as they approach retirement.

The figures are based on data from 4 million L&G pension scheme members, which found that the typical gender pension gap is 17% at the beginning of women’s careers and increases to 56% at retirement compared with men.

The average L&G pension pot for a woman at retirement (£10,000) was found to be less than half that of a man (£21,000).

What you can do to boost your pension:

Delaying taking your pension can help. Deferring take-up for a few years can substantially increase your pension.

Make sure you save into a pension – even if you are not working

You can still save up to £2,880 into a pension each tax year if you are not working, and the government will boost this by £720 through tax relief, which means £3,600 in total goes into your pot. These are the figures for the current 2021-22 tax year.

The full new state pension is currently £179.60 a week. You will need 35 years’ worth of qualifying NICs to receive the full state pension, which may consist of earnings-related contributions, national insurance credits.

You can check your record at here to see what you have paid, up to the start of the current tax year.

For pensions and investment advice contact Becky Hammonds on 07969 269677 or email