Campaigners have launched a new group to fight pensions inequalty with the backing of over 20 pensions companies and organisations.
The Pensions Equity Group has been launched this week with help from the PLSA (Pensions and Lifetime Savings Association) and is backed by a coalition of over 20 substantial pension companies and organisations.
The group aims to highlight the “many in our society are not saving enough for retirement.”
PEG will aim to achieve these 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
Companies and organisations backing PEG include: 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.
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Pensions Minister Laura Trott MP 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, said: “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.”
Joanne Segars, chair of trustees at NOW: Pensions, said: “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 pension gaps to demand fairer outcomes for everyone.”
• The Pensions Equity Group (PEG)
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