The gender pensions gap means that women could have significantly less savings than men – here’s how to set yourself up for retirement, starting now

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The gender pensions gap means that women could have significantly less savings than men – here’s how to set yourself up for retirement, starting now


To make sure you get the most out of your pension, the key is to stay auto-enrolled in your company’s scheme. Any contribution made by your employer is, essentially, “free” money. So while it might be annoying seeing money deducted from your payslip each month, you’ll benefit from it in the long run.

Also, if you’re able to, contributing more to your workplace pension (often called a “salary sacrifice”) is a great idea. “The money comes out of your pre-tax salary and goes straight into your pension, reducing your national insurance bill,” the sisters explain.

3. A personal pension

This is sometimes also known as a private pension, which is something you can set up to save additional money for your future. It’s something that is often used by those who are self-employed, and also those who want to build up a larger retirement fund than what their workplace and State Pension will provide.

How to consolidate your pensions into one pot

If you’ve worked for more than one company since you turned 22, it’s likely that you have more than one workplace pension – and it can be easy to lose track. It’s estimated that around £19.4bn of pension savings go unclaimed.

‌So, the simple solution to this is to track down all your old pensions and pool them into one account.

“When you leave an employer, your pension stays invested in the pension fund that your company is part of. You should still receive a pension statement each year with your details. If you move address it can sometimes mean your old pension providers lose track of you, so keep this in mind,” explain the de Broglies.

The HR teams at your previous jobs should be the first point of call to track down these pensions. But, if you’re having trouble finding any of your previous workplace pensions, there is a government service that can help – the Pension Tracing Service tracks down the contact details for all of your pension providers.‌

What else can you do to save for the future?

Pensions aside, managing your personal finances is key to being in a good financial position come retirement. That’s where apps like Juno come in – founders Alexia and Margot created the app to help people track their savings and get the most out of their money.

Once you’re in a good financial position, the sisters also suggest you could consider investing, with caution of course. “A pension isn’t the only way to save for your retirement,” they say. “If you’ve already used your pension allowances, or if you want more flexibility than a traditional pension, investing could be right for you and could offer your chances of high returns.”

Plus, they add: “Studies have found that women actually tend to outperform men when it comes to investing. That’s one way to beat the gap!”

No matter which path you choose, options are out there to help you take control of your financial future. And it’s clear that the earlier you start, the better off you’ll be. So here’s to doing retirement your way.



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