A new coalition of over 20 pension companies and organisations has been launched aiming to address pension inequalities in the UK.

The Pensions Equity Group (PEG) was established in recognition that many in society are not saving enough for retirement, with previous industry research suggesting that the cost-of-living crisis could be worsening pension saving gaps.

In particular, the group aims to develop a way of consistently measuring pension inequalities, beginning with the gender pensions gap before expanding to other pension inequalities.

The group will look to work with government and policymakers to achieve positive change, share best practice approaches to help employers address inequalities, and find practical tools to empower individuals, such as planning tools and guidance.

In addition to this, it will aim to highlight potential industry product developments that will help drive greater equity for individual savers.

The group includes representative from a range of pension organisations: Abrdn, Aegon, Aon, Arc Pensions Law, Aviva, Barnett Waddingham, Dalriada Trustees, Hymans Robertson, Legal & General, LCP, Mattioli Woods plc, MFS Investment Management, Now: Pensions, Pinsent Masons, Pensions Policy Institute, Pensions and Lifetime Savings Association, Quietroom, Royal London Group, Smart Pension, Sackers, Scottish Widows, WTW and the Universities Superannuation Scheme.

Pensions Minister, Laura Trott, welcomed the launch, stating: “It’s great to see the pensions industry coming together to help millions more people save for their futures.

"This government has transformed pension saving with automatic enrolment, especially for low earners, young people, and women.

"Now we must build on this progress by expanding automatic enrolment to help even more people prepare for their future and start saving earlier.”

“Crucially, we are also developing our understanding of the gender pensions gap so we can report on it regularly, tackle this disparity and give everyone the retirement they deserve.”

Adding to this, PEG chair, Kim Brown, emphasised the need for a united effort, “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,” she stated.

“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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