Advisers should also remember that when they are dealing with a client – male or female - who is married they should be accounting for their partner also. This can be relevant for tax purposes and allowances and, importantly, when looking at inheritance planning they need to look at assets for both partners.
They may also want to speak to clients about paying money into a separate pension in their spouse’s name if their spouse isn’t able to save into their own pension at that time.
Conclusion
Ultimately there is no one silver bullet to address the pensions gender issue, but with a concerted effort from government, regulators, industry and advisers, we may be able to close the gap.
Otherwise this problem will only continue and women will consistently find themselves worse off in retirement and more likely to have to rely on the State for support.
Phil Brown is head of policy for LV
