Mon 16 May 2022 - We’ve all heard about the gender pay gap. Sadly, the gap doesn’t just exist with base pay.
Research carried out by Legal & General in 2021 across the four million members in our Defined Contribution (DC) pensions, found that there’s a gender pension gap too, continuing the divide between men and women.
The gender pension gap is the percentage difference in income between men’s and women’s pensions. It begins at the very start of a woman’s career and at every age bracket women are shown to have smaller pension pots. By the time they reach retirement, the average size of a man’s pension pot is twice that of a woman.
However, it is not only the difference in wages that has an impact. There are many more reasons for the gap – women are traditionally more likely to take career breaks or work part-time to care for children or family members. 900,000 women a year retire early due to menopause so when their earning potential is at its highest, they’re leaving employment. Given women on average live longer than men, the fact that on average they are retiring with half the pension pot of men is an even greater issue.
This webinar will highlight the latest research on this issue, before turning to what steps can be taken and are being championed by the L&G Pension Equalities Taskforce to address the current gap - by individuals and by employers, the wider pensions industry and in changes to the policies set by Government.
Alexandra Miles is Senior Solutions Manager at Legal & General (L&G) and Woman of the Year (Retirement) at the 2025 WIFA Awards. With 18+ years across pensions, asset management and consultancy, she leads initiatives to advance pension adequacy and equity in the UK’s DC system. After moving from DB to DC, Alexandra supports the default investment strategies for L&G’s DC customers and champions collaborative, commercially minded innovation. She co chairs an industry wide Data & Research Pension Equity group, and founded and now chairs the Institute of Actuaries’ Pensions Gap and Ageing Populations working parties. Recently, she spoke on pension adequacy at a Labour Party Conference fringe (SMF), alongside Torsten Bell. Alexandra co authored “Retirement Reimagined” with James Smith, proposing practical, flexible reforms for modern retirement.
Gareth is Chief Executive Officer of L&G’s Institutional Retirement business, which insures pension schemes and pensioners across the UK, US and Canada.
L&G is a UK FTSE 100 insurance and asset management company, with a market capitalisation of £13bn and operating profits of £1.7bn. L&G Institutional Retirement is the UK’s largest and longest-established PRT provider.
Prior to his current role, Gareth held senior positions at L&G, including Chief Financial Officer of L&G Capital, Chief Investment Officer (CIO) of Private Markets within Asset Management and CIO of Institutional Retirement, overseeing a portfolio of £94bn. He has also served as a Board Director for several portfolio companies, including Retirement Villages, Modular Homes and US Real Estate Development.
Before joining L&G, Gareth spent nearly 20 years at EY, where he was a partner leading Global Investment Advisory, UK actuarial and sustainable finance consulting practices. He is an active volunteer within the Actuarial Profession, having chaired the Finance & Investment Board, served on the Life Board and led working parties on private market investments and procyclicality.
Gareth holds a first-class honours degree in mathematics from University College London and is a Fellow of the Institute and Faculty of Actuaries.