Retirement funds, money managers and consultants in Britain are now gearing up to work together to bring consistency to retirement savings.
Beginning with the current gender pension gap in the UK which shows that men now hold far more savings than their female counterparts, a recently formed collaboration is aiming to develop brand-new guidance and planning tools for retirement plan participants.
UK workers preparing for the future often consult experts in retirement planning in Chester, Leeds and other cities. Holistic financial advisors like wealth managers help their clients construct effective plans that provide them with sufficient income in retirement that suit the lifestyles they seek.
Dubbed the Pensions Equity Group, the coalition is comprised of retirement industry professionals, and is now working to introduce better equality for retirement savings through developing methods to measure retirement inequalities consistently and potentially push for necessary policy reforms. The collaboration seeks to share best practices that can help employers start to address inequalities and produce planning tools which help workers to increase their savings.
Figures from the Department for Work and Pensions (DWP) show that women eligible for automatic enrolment in UK defined contribution plans held about 32% less in terms of savings for retirement than male employees between the years 2018 and 2020.
Working closely with the group, executive level professionals from over 20 partners from leading law firms, asset managers, industry groups and retirement planners are now joining forces to get behind the initiative.
