Bridging the gender pension gap this International Women’s Day

This International Women’s Day on 8 March 2025, let’s take action to raise awareness of the gender pension gap – and more importantly, work towards closing it.

Taking time out of work for childcare can have an impact on your retirement goals. A recent article from Legal and General shows that while younger workers are less impacted by the gender pay gap, older women are hit much harder. 

Research also confirms that the gender pension gap starts early – women enter the workforce with a 16% gap and by retirement, the average pension pot for men is twice the size of women’s.

As your employer, we’re committed to supporting your financial future and providing a simple and effective way to take charge of your retirement so you can close the pension gap on your terms. 

Our partner, My Money Matters, is running a ‘Closing the Gender Pension Gap’ webinar to help you discover how you can get the retirement you deserve with the help of your exclusive Shared Cost Additional Voluntary Contribution (Shared Cost AVC) employee benefit scheme.   

A Shared Cost AVC can make a real difference to your future. Not only does it allow you to make immediate Income Tax and National Insurance contribution savings on your money as it goes into your pension pot – meaning a £100 contribution only costs a basic rate taxpayer £72.08* – it’s also fully flexible. So, you can increase or decrease your contributions whenever you want, within limits.

Watch and learn, click here to book your place.   https://mymoneymatters.ws/IWDIntranet2

If you need any help accessing My Money Matters, please email support@my-money-matters.co.uk or call 01252 959 779.

*Basic rate savings are displayed as a guide only. Basic rate assumes an individual paying 20% Income Tax and 8% National Insurance contributions. The actual savings will depend on your personal circumstances and investment fund performance, which is invested by your Shared Cost AVC provider.

Shared Cost AVCs are available to active LGPS members only. You should consider your affordability before making or amending your Shared Cost AVC plan. Please speak to an independent financial adviser if you require financial advice. You will need to consider what investment product is suitable for you. 

A Shared Cost AVC cannot be accessed until age 55, rising to age 57 from 2028. 
A Pension is a long-term investment, the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.