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Women make just one third of all the pension contributions every year in the UK. Is it any wonder women are more likely to retire in poverty? Women have much lower savings, and have to live longer on their pension. This has to change: everyone deserves dignity in retirement.
It can be hard to put money aside for your pension when – for years at a time – most of the money you earn goes into childcare. And of course, women are more likely than men to sacrifice the chance to earn a living for the sake of family – making it even harder to save.
WE have a plan to change this and help millions more women save enough.
Did you know that most workers get 20p top up from the tax man for each £1 they put into their pensions… But that the highest earners get 40p? WE will give all workers an equal top-up of 25p for every £1 saved.
This would actually reduce the amount the government spends on pension top-ups – by over £6 billion a year. WE will recycle those savings to fund more free childcare, so women can work, earn, and save more.
The Women's Equality Party