More than 20 U.K. pension organizations are forming an industry coalition to tackle pension inequalities.
The Pensions Equity Group aims to increase the number of people saving enough for their retirement and will call on pension plan sponsors to offer greater support to members.
The coalition also seeks to develop a consistent way to measure pension inequalities — including the gender pension gap — by sharing best practices with employers to develop practical tools to empower individuals and to highlight potential new products that may increase equity.
“Bringing together this comprehensive industry expertise will be a breakthrough in levelling up pension savings, which has been a long time coming,” said Emma Douglas, director of workplace savings and retirement at Aviva, in a press release.
“The lowest earners and those working multiple or part-time jobs will benefit from getting pension contributions from the first pound they earn. This is also welcome news for young pension savers, who will benefit from getting on the pension ladder earlier and those all-important employer contributions.”
The coalition includes Abrdn, Aegon, Aon, Arc Pensions Law, Aviva, Barnett Waddingham, Dalriada Trustees Ltd., Hymans Robertson, Lane Clark & Peacock, Legal & General Group, Mattioli Woods, MFS Investment Management, Now Pensions, Pinsent Masons LLP, the Pensions and Lifetime Savings Association, the Pensions Policy Institute, Quietroom Ltd., the Royal London Mutual Insurance Society Ltd., Sacker & Partners LLP, Scottish Widows, the Smart Pension Master Trust, the Universities Superannuation Scheme and WTW.