No Result
View All Result
Benefits Expert
  • About
  • Advertise
  • Alerts
  • Events
  • Contact
  • NEWS
  • IN DEPTH
  • PROFILE
  • PENSIONS
  • GLOBAL REWARDS
  • FINANCIAL BENEFITS
  • HEALTH & WELLBEING
  • DIVERSITY & INCLUSION
  • PODCAST
No Result
View All Result
Benefits Expert
  • NEWS
  • IN DEPTH
  • PROFILE
  • PENSIONS
  • GLOBAL REWARDS
  • FINANCIAL BENEFITS
  • HEALTH & WELLBEING
  • DIVERSITY & INCLUSION
  • PODCAST

Pension pots up 16%; but gender gap persists

by Benefits Expert
09/05/2024
Stack of British pound coins, money, savings, pension
Share on LinkedInShare on Twitter

UK pension pots have increased by 16 percent on average in just a year as savers “appear to be prioritising pensions more than ever”, according to online provider PensionBee.

Analysis of the provider’s 240,000 customers revealed a substantial rise in savings as average pots grew from £17,379 in March 2023 to £20,077 in March 2024, an increase of 16 percent. 

Savers in the north west saw the biggest increase as the average pot rose by 18 percent from £13,270 in March 2023 to £15,651 in the same month in 2024. 

People in the south east continued to save the most, with an average pension pot of £25,734, which was 28 percent above the national average in March 2024.

In greater London, the average pension pot stood at £23,393, exceeding the national average by nearly a fifth (17 percent). PensionBee said this could be attributed to London having the highest average weekly income in the UK.

Gender gap

The gender pension gap remained a persistent issue across all regions. Women in northern Ireland face the largest gender pension gap at 44 percent, with average retirement savings for men totalling £16,390, compared to £13,844 for women.

In London, although the gap is lower (29 percent) than the government’s national gender pension gap figure (35 percent), men’s retirement savings total £26,646, compared to women who saved £18,786. The smaller gender gap in this region could be due to London having the highest average salary for women in the UK.

Pot at retirement

RELATED POSTS

Value-for-money-pensions-workplace-savings

Half of employers risk falling behind on pension value-for-money checks

Serious illness, cardiac, health, hospital, wellbeing, sick

Employers warned over risks of case-by-case illness support

The provider also predicted expected retirement pots for different age groups. It forecast that savers under 30 are expected to retire with larger private pensions than older workers. On average, people under 30 could retire on a pot worth £195,058 by the time they reach 66, PensionBee said. The provider said this was due to the accumulation of multiple pensions over their working lives and having a longer period still left to save.

In contrast, people closest to retirement (aged 50 plus) look set to retire with a lot less. The provider forecast this older group can expect an average pension pot of £87,887 by the time they reach 66, despite having more pressing financial needs.

Becky O’Connor, director of public affairs at PensionBee, said: “Pension perseverance is paying off. Savers are diligently building their pots and appear to be prioritising pensions more than ever. This is great news for the retirement prospects of today’s workers, especially the younger cohort who will benefit from being under auto enrolment for most of their working lives.”

Next Post
Job search, recruitment, digital, AI

Hiring tensions rise as job hunters get silent treatment for 55% of applications 

Jon Rudoe, Nous

Harness the default mindset to maximise your perks

SUMMIT

BENEFITS UNBOXED PODCAST

Benefits Unboxed
Benefits Unboxed

The podcast from Benefits Expert, the title for HR, reward and benefits professionals.

Seasoned professionals examine the challenges and innovations in today’s employee benefits, reward and HR sector. Every episode, they will unbox a key issue and unpack what it really means for employers and how they can tackle it.

The regulars are Claire Churchard, editor of Benefits Expert; Carole Goldsmith, HR director at the Royal Horticultural Society, and Steve Herbert, consultant and rewards & benefits veteran.

Benefits Unboxed – Hybrid work: reality versus rhetoric
byBenefits Expert from Definite Article Media

Return-to-office mandates are a topic that’s generating plenty of heat in the media, but how closely do the headlines match workplace reality? 

In this episode, one of a three-part series of 10-minute podcasts, hosts Claire Churchard and Steve Herbert discuss data that shows remote or home working is on the rise.

We look at what this means for HR, from balancing employee flexibility with business needs, to ensuring benefits packages remain fair and accessible. We discuss the pinch points, and the opportunities, in building the new normal of work.

Benefits Unboxed – Hybrid work: reality versus rhetoric
Benefits Unboxed – Hybrid work: reality versus rhetoric
31/08/2025
Benefits Expert from Definite Article Media
Search Results placeholder

GUIDE TO WORKPLACE PENSIONS



REQUEST A FREE COPY

OPINION

Steve Herbert, consultant, ambassador, reward, benefits, HR strategy

Steve Herbert: The art of the deal?

Lorna Ferrie, legal and compliance director, Mauve Group

Lorna Ferrie: hybrid is not a loophole, remote teams can’t ignore the pay transparency push

Holly Coe, Innecto Reward Consulting

Holly Coe: friendship is an overlooked superpower when tackling workplace absenteeism

Vitality. Pippa Andrews

Pippa Andrews: how to make exercise more enjoyable for women

SUBSCRIBE

Benefits Expert

© 2024 Definite Article Limited. Design by 71 Media Limited.

  • About
  • Advertise
  • Privacy Policy
  • Terms & Conditions
  • Contact

Follow Benefits Expert

No Result
View All Result
  • News
  • In depth
  • Profile
  • Pensions
  • Global rewards
  • Financial benefits
  • Health & wellbeing
  • Diversity & Inclusion