Women are set for “pension saving parity” with men by 2028, analysis of a freedom of information (FOI) request by Broadstone has found.

Broadstone noted that eligible female pension savers have experienced an increase in annual saving rates nearly three times as fast as men since 2009.

The analysis detailed that, on an annual basis, savings for men had a compound annual growth rate (CAGR) of 1.8 per cent, while savings CAGR was 4.6 per cent for women

This means, according to Broadstone, that if this same growth rate was maintained over the coming years, it would mean that women’s annual pension contributions would match men’s in 2028, with both accumulating around £71bn per annum.

Broadstone’s analysis also detailed that women accumulated a total of £52bn in 2021, including £4.3bn of tax relief on their pension savings, rising from £33.6bn in 2009 – a 55 per cent increase.

Meanwhile, men increased their annual savings by 22 per cent over the same period, reaching £62.6bn in 2021 – including £6.5bn of tax relief.

Broadstone head of pensions and savings, Rachel Meadows, commented: “Auto-enrolment has heralded a step change in pension saving in the UK, helping people build up pots for later-life who would have previously been excluded from the system.

“This has included younger savers, female savers and lower-income employees. It is great news that women are catching up their male counterparts when it comes to their annual contributions and could reach pension saving parity within the next six years.

“Building up sufficient pension savings to supplement the state pension is the best way of securing a good standard of living in retirement. Even though women are some distance behind men in terms of total pension wealth, matching their annual contributions demonstrates how auto-enrolment is changing the landscape for a new cohort of pension savers.”

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