Of course, such investments come with their own set of risks which should be explained to the client.

However, the overarching goal will ultimately help pension-poor clients to make their money work harder, building some much-needed financial cushion, so that they are not solely reliant on property. 

Addressing the long-term issue

Of course, advisers can only go so far in helping women who find themselves falling short with their pension. Indeed, the government, in addition to businesses, must commit to closing the gender pay and pension gap.

Indeed, ensuring women have better opportunities to pursue senior roles within organisations, encouraging women to seek higher paid roles, and making sure men and women are paid equally for performing the same role will be vital in achieving this. 

Such commitments will inevitably take time to implement. As such, I believe further steps could be taken to help bridge these gaps. 

For example, awareness must be raised regarding different retirement savings options, should an individual choose to take a break from work. Ensuring that Britons are aware of the various personal pension schemes and investments that are available to them.

Doing so will make sure that savers need not lose out on the various benefits of paying into a pension, namely pension tax relief, simply because they are taking a career break. 

Further, the industry must improve savers’ access to independent financial advice; this could be done by the Financial Conduct Authority clearly highlighting a list of regulated advisers on its website, as well as highlighting the various benefits that come with seeking advice.

Such action will ensure that women do not feel that they must struggle with an inflexible retirement strategy and feel confident in seeking advice as early as possible. 

The gender pension and pay gap is a complex issue, and will likely take some years before we see a substantial reduction. Until then, however, we must ensure that women do not feel backed into a corner and forced to depend on illiquid and potentially volatile property assets. 

As such, it is up to the government, and the wider financial services sector, to ensure they have access to the regulated financial advice to help them create a diverse and flexible retirement strategy.

Only then will we be able to make some progress towards closing the gap.  

Andrew Megson is the executive chairman of My Pension Expert