The Pensions Equity Group (Peg) has launched a coalition of over 20 pension companies and organisations to tackle pension inequalities in the UK.
The group consists of firms 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.
The Peg said it 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.
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.”
The group said the coalition has been launched as a result of many individuals not saving enough for retirement.
Kim Brown, chairperson of the Peg, 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.”
Brown added: “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.”
sonia.rach@ft.com
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