The UK continues to face a "yawning gender pension gap", according to research from Royal London, which found that those going through the menopause could be around £126,000 worse off in retirement.

The report, Bridging the Gender Pension Gap, highlighted the "dramatic" impact the menopause can have on women’s pension savings, noting that it continues to be "widely unregistered" when discussing retirement savings.

Indeed, the analysis found that a 50-year-old woman in full time work until the state pension age of 67 could be over £126,000 better off in retirement when compared to a counterpart who stopped working at the same age as a result of menopausal symptoms.

It also found that women reducing their working hours at age 50 as a result of menopausal symptoms could lose out on £63,154 in their pension pot.

In addition to the impact of the menopause, the report identified a number of "significant" broader disparities between women and men when it comes to their confidence, approach to, and outlook for retirement.

For instance, the research found that men are saving more into their workplace pension, with just 20 per cent of eligible women contribute over the statutory minimum of 8 per cent to their workplace pension, compared to 28 per cent of men.

In addition to this, the research found that 50 per cent of women view their earnings as a barrier to saving more compared to 30 per cent of men.

Women were also found to have "much wider and deepfelt concerns" about retirement, with 48 per cent of women not confident that their pension contributions will be enough to provide them with sufficient income for the duration of their retirement, compared with 28 per cent of men.

Commenting on the findings, Royal London pensions expert, Clare Moffat, stated: “While the introduction of automatic enrolment ten years ago helped more women than ever save into a pension, the UK still faces a yawning gender pension gap.

“Women in their 50s, for a variety of reasons, are much more susceptible to leaving the workforce than men. Separate studies show that caring responsibilities mean women are twice as likely to be forced to leave their job than men.

"However, a notable barrier to remaining in work, which is only just beginning to receive increased awareness, is the menopause.

“While symptoms vary between individuals, for many women the menopause can have a big impact on their everyday life, often resulting in them reducing the hours they work or stopping work altogether.

"It’s only further down the line that the resulting missed pension contributions becomes apparent, but by then it may be too late.”

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