New group launched to tackle pension inequality

More than 20 pension companies, including Aviva, Legal & General and Now Pensions, have joined forces to launch a group to help tackle pension inequalities in the UK.

The Pensions Equity Group (PEG) will develop a way of consistently measuring pension inequalities, beginning with the gender pensions gap, before expanding to other pension inequalities.

It will work with government and policymakers and with employers to share best practice, find practical tools to help individuals and highlight potential industry product developments that will help drive greater equity for individual savers.

Welcoming the new group, Pensions Minister Laura Trott said the Government is developing its understanding of the gender pensions gap and plans to report on it regularly.

PEG chair Kim Brown stated: “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.

“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.”

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