The Pensions Equity Group (‘PEG’) brings together leading industry representatives to help millions more people save for later life.
This week marks the launch of the Pensions Equity Group (PEG), a new coalition of over twenty leading pension companies and organisations, working together to tackle pension inequalities in the UK.
The Group has been launched in recognition that many in our society are not saving enough for retirement. Working together in collaboration, the Group aims to achieve the following objectives:
- Developing a way of consistently measuring pension inequalities, beginning with the Gender Pensions Gap before expanding to other pension inequalities.
- Working with government and policymakers to achieve positive change.
- Sharing best practice approaches to help employers address inequalities.
- Finding practical tools to empower individuals, such as planning tools and guidance.
- Highlighting potential industry product developments that will help drive greater equity for individual savers.
Welcoming the launch of the Pensions Equity Group, Laura Trott MBE, Minister for Pensions said:
“It’s great to see the pensions industry coming together to help millions more people save for their futures.
“This government has transformed pension saving with Automatic Enrolment, especially for low earners, young people, and women. Now we must build on this progress by expanding Automatic Enrolment to help even more people prepare for their future and start saving earlier.
“Crucially, we are also developing our understanding of the Gender Pensions Gap so we can report on it regularly, tackle this disparity and give everyone the retirement they deserve.”
Kim Brown, Chair of the Pensions Equity Group commented: “Tackling pensions inequality requires us to come together as an industry, bringing our shared expertise to bear on the systemic barriers that disproportionately impact many across our society. Everyone deserves the opportunity to secure a better retirement, irrespective of their gender or background. “
“On behalf of the Group, I’m confident that we can collectively play our part in helping to promote greater pensions equity for the benefit of all our members, and we would encourage others across the industry to join us and make a difference.”
NOW: Pensions’ Samantha Gould, who is Chair of the Campaign and Comms workstream commented: “The pension savings gap between men and women has continued to widen. While the average UK pension pot has almost doubled since the start of auto enrolment, women’s savings have hardly increased at all.
“In the UK today, women save just 33p for every £1 a man saves, meaning that women would need to work an additional 18 years in full-time employment to save the same amount of money into their pension as a working man.
“While the reasons for the pension gap are undoubtedly complex, doing nothing is not an option. With “Gender Pensions Gap Day” around the corner (29 May), symbolising the day of the year when women effectively stop saving into their pension, action is needed now to reduce the gender pensions gap and allow everyone to enjoy the comfortable retirement they deserve.”
Joanne Segars, Chair of Trustees of NOW: Pensions commented: “For far too many people, a comfortable retirement remains out of reach. In particular, too many women are locked out of the auto enrolment system, unable to earn enough to put money aside for later life and, as a result, find themselves on the wrong side of a growing pension savings gap.
“Having campaigned on the gender pensions gap for over 30 years, I’m delighted to see the launch of this new coalition formed to raise awareness on gender pay and the pension gaps to demand fairer outcomes for everyone.”
The Pensions Equity Group brings together many passionate individuals from companies and organisations from across the pensions industry, including: Abrdn, Aegon, Aon, Arc Pensions Law, Aviva, Barnett Waddingham, Dalriada Trustees, Hymans Robertson, Legal & General, LCP, Mattioli Woods plc, MFS Investment Management, NOW: Pensions, Pinsent Masons, Pensions Policy Institute, PLSA, Quietroom, Royal London Group, Smart Pension, Sackers, Scottish Widows, WTW and USS.
For more information on the Pensions Equity Group’s activity or to express an interest in joining the Group, please contact: Samantha.gould@nowpensions.com
Ends
—————————————————————————-
Notes to editors
To meet these ambitions, the Group has been structured into four workstreams, covering Data & Research, Government & Policy, Communications & Awareness and Product Changes, with representatives from across the industry meeting monthly to deliver for each workstream.
The Group will be chaired by Kim Brown, Pension Scheme Director at Legal & General, with the Steering Committee meeting on a quarterly basis to provide an update on progress.
Chair: Kim Brown
Communications and Campaign Lead: Samantha Gould (NOW: Pensions), Joe Craig (Quietroom)
Data and Research Lead: Kathryn Fleming (Hymans), Alexandra Miles (LGIM)
Governance and Policy Lead: Kate Smith (Aegon), Tim Soper (Aon)
Product Changes Lead: Eve Read (smart pensions), Mark Baker (Pinsent Masons)