In response to this report, Phoenix Group said it made new commitments to:
- Proactively look to re-enrol employees not on the workplace pension scheme every year, instead of every three.
- Make pension impact information compulsory when reducing working hours.
- Monitor and analyse the monthly pension contributions of male and female colleagues across Phoenix Group.
- Work with its workplace pension clients to devise a standard analysis and reporting methodology for measuring the gender pension gap.
A Department for Work and Pensions spokesperson said: “Automatic enrolment has transformed pension saving and boosted the number of women saving for retirement, with participation rates catching up with those of men. In 2021, 87 per cent of eligible women working in the private sector were participating in a workplace pension, up from 40 per cent in 2012. Our ambition for the future of automatic enrolment will enable people to save more and to start saving earlier.
“We are also committed to ensuring people have the support and information they need to make informed choices about their financial futures, with free and impartial guidance available via Pension Wise and Money Helper.”
sonia.rach@ft.com
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