Official Statistics

Gender Pensions Gap in Private Pensions: 2020 to 2022

Published 21 July 2025

1. Introduction

This ad-hoc statistical release measures and contextualises the Gender Pensions Gap (GPeG) in private pensions across Great Britain in the period 2020 to 2022.

This is the second release of the Department’s Gender Pension Gap publication. The Department’s measure of the GPeG follows that used in the previous publication and is defined as the difference between female and male median uncrystallised private pension wealth. Focusing on those around normal minimum pension age (NMPA^{[footnote 1]}, aged 55-59, the gap in 2020 to 2022 is 48%. This is driven by a number of factors, which are explained across this release.

The government is committed to both monitoring and narrowing the GPeG. Automatic enrolment (AE) has equalised workplace pension participation rates between eligible men and women in the private sector and has significantly expanded the number of women saving into a workplace pension. This publication focuses on private pension wealth and does not consider the State Pension (and supporting pensioner benefits such as Pension Credit). However, it is important to note the introduction of the flat-rate new State Pension in 2016 has reduced the gap in State Pension payments men and women receive.

Estimates of the GPeG are derived from the Office for National Statistics’ (ONS) Wealth and Asset Survey (WAS). While the latest data available offers valuable insight, users should treat results with a degree of uncertainty and caution. The latest WAS data collection took place during the COVID-19 pandemic, meaning a change in the data collection process from face-to-face to telephone interviews. Find further detail on the impact of COVID-19 on ONS survey data. This has led to challenges with the representativeness of the data primarily with housing tenure status. Updates to the weighting have been made by ONS to attempt to address this – find further details on the ONS website.

Estimating individual pension wealth, and the GPeG, relies on calculating the value of Defined Benefit (DB) pensions. This introduces additional complexity into the value of an individual’s pension wealth, as DB pensions do not exist as a pot of money (unlike Defined Contribution (DC) pensions) and the value must instead be estimated. The ONS have changed the method used to estimate the value of DB pensions in the latest data. Find further details from ONS. As a result, the latest estimates of pension wealth, and the measure of the GPeG, are not comparable with estimates from previous releases. The change also demonstrates the sensitivity of assumptions in estimating pension wealth.

Challenges faced from the latest WAS data were outlined in the recent OSR report. Despite these challenges, WAS remains the most suitable data source available given it is a nationally representative survey with extensive coverage of pension wealth. No other data source has the same level of detail or coverage.

The rest of this publication covers the measure of the GPeG, and how this varies across age groups and pension scheme type. Contextual information for the GPeG is also provided such as trends in workplace pension saving.

2. What is the Gender Pensions Gap?

The Gender Pensions Gap (GPeG) broadly describes inequality between male and female private pension provision and can be defined in a variety of ways.

The Department’s measure of the GPeG follows that used in the previous publication and is defined as the percentage difference between female and male uncrystallised median private pension wealth around normal minimum pension age^{[footnote 2]} (defined for this publication as those aged 55 to 59) for those individuals with private pension wealth (i.e. excluding those with no private pension wealth). Uncrystallised private pension wealth includes that which is active or preserved, therefore not in payment.

The most recent data (2020 to 2022) estimates median uncrystallised wealth of those aged 55 to 59 in 2020 to 2022 was £81,000 for women and £156,000 for men. This means the GPeG is estimated at 48%.

To estimate an illustrative income, an annuity rate for a 60-year old of around 7% has been used to convert the pension pot into an annual income – see Annuity Rates: View Best Annuity Rates from the UK Market. This would be around £6,000 per year for women (over £100 a week) and around £11,000 for men (over £200 a week), a gap of around £5,000 per year.

However, estimating pension wealth is challenging, particularly in light of changes to the survey collection process, moving to telephone interviews. Applying 95% confidence intervals highlights the sensitivity of the finding. The 95% confidence interval of median women’s wealth is between £70,000 and £95,000, and for men is £111,00 and £207,000.

Figure 1: The GPeG of those aged 55-59 with uncrystallised private pension wealth

2.1 The Gender Pensions Gap by Age Groups

The size of the GPeG varies according to age bands. The GPeG is smallest for those aged 25 to 29 (22%) and then increases to 52% for those aged 45 to 49. This pattern is similar to the trajectory of the Gender Pay Gap which shows a relatively small gap until the age of 40 when it gets larger due to different labour market trajectories of men and women.

When considering the age bands, it is important to note the impact Automatic Enrolment has had on private pension saving. While both male and female individuals in their twenties and thirties may have benefited from being automatically enrolled into saving for the most of their working life, this is less likely to be the case for older workers. For example, in 2012, 62% of those eligible and aged 40 to 49 were participating in a workplace pension. However, 11 years later 88% of this group (those now aged 50 to State Pension age) are participating. Lower pension coverage before the introduction of AE might explain a larger GPeG compared to younger age groups.

2.2 The Gender Pensions Gap by Scheme Type

Using the main GPeG metric (those aged 55 to 59) the GPeG is smallest when considering private pension wealth held by individuals with only Defined Benefit (DB) compared to individuals with only Defined Contribution (DC) wealth or both DB and DC wealth.

In a DC scheme, pension wealth is accumulated through contributions to a pot of money that can be accessed when retiring. DC schemes can be set up by employers or individuals. The value of this pot can vary depending on the value of contributions and how the money within the pot is invested by the pension provider. DC schemes are the most common approach to workplace pension saving, with around 15m individuals in the private sector saving into a DC scheme in 2023^{[footnote 3]}.

In a DB scheme, pension wealth depends on the salary when retiring (or over a career average) and the duration of scheme membership. DB schemes guarantee an income for life that some schemes adjust to account for inflation. As with DC workplace pensions, both employers and employees can pay into this pension scheme. DB schemes largely only remain in the public sector, with the latest statistics showing less than 700,000 individuals in the private sector saving into a DB scheme^{[footnote 4]}. Wealth accumulated from a DB scheme is likely to significantly exceed wealth from DC schemes given the guaranteed income that these provide. However, it must be considered the difficulty in estimating DB wealth when making comparisons between DB and DC schemes.

The largest group out of those aged 55 to 59 in 2020 to 2022 is those who have only DC pension wealth (703,000 men and 607,000 women). Followed by those who have only DB pension wealth (462,000 men and 603,000 women). The smallest group is those with both DB and DC pension wealth (473,000 men and 427,000 women).

Focusing on those aged 55 to 59, the GPeG is smallest for those who hold DB pension wealth only (39%), and largest for those holding only DC pension wealth (75%). For those with both DB and DC pension wealth the GPeG is 52%.

Figure 2: The GPeG (Aged 55-59) by private pension scheme type

3. Understanding the Gender Pension Gap

The GPeG metric should be considered alongside wider trends within both the pension system and the labour market which help explain the gap in pension wealth.

3.1 Labour Market Differences

There are differences in labour market experiences among men and women. The employment rate among women is lower, and they are more likely to be in part time work, work less hours, and earn less throughout their career. The differences become most apparent once women reach their 30’s, a trend driven by childcare responsibilities. The accumulation of private pension wealth is related to earnings and work history, and this leads to different levels of private pension wealth between men and women.

Over recent years there have been slight improvements in the disparity between men and women in the labour market. The wage gap^{[footnote 5]} between full-time employees has fallen from 12.8% in 2006 to 7.0% as of 2025. A greater number of women (aged 16 to 64) are in employment^{[footnote 6]} (around 67% in 2006 compared to around 72% in 2025), reducing the employment gap to men from 12ppt to 6ppt. Fewer employed women are working part time^{[footnote 7]} (around 42% in 2006 compared to around 35% in 2025), reducing the part time working gap to men from 32ppt to 22ppt.

Lower earnings means less is likely saved into pensions, but it may also make an individual ineligible for AE (if earning less than £10,000 per year) and therefore less likely to be participating in workplace saving. Only 35% of ineligible employees are saving into a workplace pension compared to 88%^{[footnote 8]} of those eligible and thus automatically opted in.

However, while women are more likely to work part time, AE eligible part time women (84%) are more likely than AE eligible part time men (71%) to save into a workplace pension. This may be attributed to their types of work, industry and occupation. Participation rates are consistent for AE eligible women and men in full time work at 89% and 90% respectively.

3.2 Trends in Pension Wealth Accumulation

AE has significantly increased the number of people saving into a workplace pension^{[footnote 9]}. As of 2023, 5.2 million more AE eligible men and 4.9 million more AE eligible women paid into a workplace pension compared to 2012. This means a greater number of individuals are benefiting from having some level of private pension wealth. Participation among eligible employees in 2023 is equal between men and women in both the private sector (86%) and public sector (93%) but given that more women work in the public sector this means that a greater proportion of eligible women (89%) participate compared to eligible men (87%).

Figure 3: Workplace pension participation rates of private sector AE eligible men and women.

AE has been a particular benefit to lower earners, resulting in more low paid women having a private pension. However, it also means greater numbers of women may have small pension pots, which drives down the average pension wealth relative to men, increasing the GPeG.

DWP’s Workplace Pensions Participation and Savings Trends Official Statistics provide more information on how workplace and private pension saving effects individual men and women to build pension wealth.

It is estimated, using WAS, 78% of women around NMPA have some level of private pension wealth as of 2020 to2022, an increase of 15ppt since 2006 to 2008^{[footnote 10]}. Men at NMPA are still more likely to have some level of private pension wealth, at 82%, although this is a smaller increase of 5ppt since 2006 to 2008, meaning the gap has narrowed from 14ppt difference to 4ppt. As already discussed, any time-series trends from WAS on pension wealth should be treated with caution given methodological changes. However, this trend is consistent with AE contributing to a significantly greater proportion of women saving into a pension.

Figure 4: The percentage of men and women, around normal minimum pension age (NMPA), with private pension wealth

3.3 Trends in Workplace Pension Saving

The amount saved into workplace pensions is determined by not only total earnings, but also the proportion of earnings allocated to pension saving. This can differ by sector and industry of work, which leads to differences in amounts saved between men and women into workplace pensions.

Table 1 details median contribution rates for all AE eligible men and women as a proportion of total pay (not restricted to those aged 55-59). There are differences between men and women when it comes to the proportion of their total pay that is saved into workplace pensions. Differences in saving rates between individuals can be the result of the contribution amounts presented by employers, which differs across employers, sector and industry. Similarly, there are differences in the proportion of private sector employees saving in DC schemes at AE minimum levels (28% of men and 33% of women), and those saving at 8% or less of total pay (50% of men and 57% of women).

Table 1: Median contribution rates as a proportion of total pay for AE eligible men and women (2023) ^{[footnote 11]}.

–	–	Total	Employee	Employer
Public	Male	27.3%	7.1%	20.0%
Public	Female	25.1%	6.8%	17.9%
Private	Male	8.9%	4.3%	4.5%
Private	Female	8.0%	4.1%	4.0%
All	Male	10.0%	5.0%	5.6%
All	Female	14.0%	5.0%	9.0%

Figure 5 details differences in median total amounts saved between all AE eligible men and women in both the public and private sector (not restricted to those aged 55 to 59). The differences are driven by men benefiting from saving a proportion of a higher salary. While there are differences within sectors, the median amount saved is largely the same when comparing all men and women. This is because more women benefit from the higher saving rates seen in the public sector.

Figure 5: Median amounts saved for AE eligible men and women (2023)

4. Supplementary Tables and Figures

Table 2: The median private pension wealth of males and females, by age

–	Male Median Private Pension Wealth – £	Female Median Private Pension Wealth – £	GPeG – percentage
16 to 24	7,000	5,000	26%
25 to 29	15,000	12,000	22%
30 to 34	36,000	16,000	56%
35 to 39	36,000	24,000	32%
40 to 44	58,000	44,000	24%
45 to 49	100,000	48,000	52%
50 to 54	102,000	63,000	38%
55 to 59	156,000	81,000	48%
60 to 64	99,000	63,000	36%
65 to 69	89,000	60,000	33%
70 to 74	100,000	50,000	50%
75+	96,000	25,000	74%

Source: DWP estimates of ONS WAS data, GB, 2020 to 2022

Table 3: The median private pension wealth of males and females aged 55-59, including and excluding zero pension wealth

–	Male Median Private Pension Wealth – £	Female Median Private Pension Wealth – £	GPeG – percentage
Excluding those with zero pension wealth	156,000	81,000	48%
Including those with zero pension wealth	85,000	32,000	62%

Source: DWP estimates of ONS WAS data, GB, 2020 to 2022

Table 4: The median private pension wealth of males and females aged 55-59, split by DC only, DB only and DB and DC

–	Male Median Private Pension Wealth – £	Female Median Private Pension Wealth – £	GPeG – percentage
DB Wealth Only	183,000	111,000	39%
DC Wealth Only	75,000	19,000	75%
DB and DC Wealth	323,000	154,000	52%

Source: DWP estimates of ONS WAS data, GB, 2020 to 2022

Table 5: The percentage of men and women, around normal minimum pension age (NMPA), with private pension wealth

–	Male	Female
2006 to 2008	77%	63%
2008 to 2010	79%	64%
2010 to 2012	80%	64%
2012 to 2014	80%	68%
2014 to 2016	83%	69%
2016 to 2018	82%	75%
2018 to 2020	84%	75%
2020 to 2022	82%	78%

Source: DWP estimates of ONS WAS data, GB

Figure 6: Median total uncrystallised private pension by 5 year rolling age

5. Annex

5.1 The impact of the change the methodology of estimating pension wealth in ONS WAS data on the GPeG metric

The ONS have made methodology changes to estimating pension wealth in their latest round of the Wealth and Asset Survey, which have resulted in a net reduction in the estimate of pension wealth people hold. The most significant change is the approach used to convert future income into a pension pot (moving from market rates to a measure (SCAPE) based on GDP growth). In addition, changes have been made to account for DB pension inflation increases and to the age at which people can access their DB pension.

The methodology changes were done in collaboration with the Government Actuary Department and discussed with other Government Departments. However, there is no perfect methodology, and alternative suggestions have been raised, such as from the Institute of Fiscal Studies. The rationale, from an ONS perspective, for moving to a SCAPE based approach to convert future income into a pension pot is to protect pension valuations from volatility, given that the market rate for annuities are constantly changing.

ONS supplied the Department with estimates of pension wealth using both the old and new methodology for the latest Round 8 WAS data. This allows us to analyse the impact of the changed methodology within the same round.

The new method is not designed to have treated men and women’s wealth estimation differently, although naturally has led to some difference in the level of change.  The impact of the method change on the estimate of the Departments GPeG is a reduction of 7ppt (55% with the old method, 48% with the new method). This is as a result of men aged 55 to 59 seeing a larger reduction (22%) in median wealth compared to 55 to 59 year old women’s median wealth (10%), seen in Table 6.

The impact of the new methodology varies across different age groups. For some age groups, the gap has grown as a result of the change (30 to 34 year olds up 12ppt), but for others it narrows (40 to 44 year olds down 14ppt). This underscores the complexity and uncertainty in estimating the GPeG, but also highlights that the new method hasn’t inherently impacted all of one gender more than the other.

For transparency, the Department is reporting the gap using both the old and new methodology. Although the results are slightly different, they both highlight there remains a large and significant Gender Pension Gap.

Table 6: The median private pension wealth of males and females aged 55 to 59, excluding zero pension wealth, by new and old ONS methodology

–	Old Method – £	New Method – £	Change – £/percentage
Male	200,000	156,000	-44,000 (-22%)
Female	90,000	81,000	-9,000 (-10%)
GPeG	55%	48%	-7ppt

Source: DWP estimates of ONS WAS data, GB, 2020 to 2022

6. About These Statistics

6.1 Definition of the Gender Pension Gap

The Department’s measure of the GPeG is defined as the difference between female and male median uncrystallised private pension wealth, amongst those around normal minimum pension age (NMPA), aged 55 to 59, who have some amount of private pension wealth.

We do not include individuals who have no private pension wealth or have fully crystallised all their private pension wealth into an income. The intention of the metric is to highlight the difference in wealth accumulation throughout an individual’s working life and reflect the population of people who are, or have been, in scope of private pension policy such as AE. Where private pension wealth has been partially accessed, the retained rights are still included in this analysis. The private pension wealth of those individuals will be a lower value than before their access and this might affect the GPeG.

There are more women around NMPA who have no uncrystallised private pension wealth. If the headline metric included those without any private pension wealth, the GPeG would be larger than the definition chosen, as demonstrated by figures in Table 3.

It is acknowledged there is sensitivity in the point estimate, but also the choice of definitions (age, median, uncrystallised etc). There are a range of alternative methods used by other organisations. These vary in terms of the data used as well as the definition:

• the mean private pension wealth in people’s late fifties as used by Pensions Policy Institute
• the average size of male and female pension pots as used by Legal and General
• the percentage difference in average gross pension income for women receiving the state pension compared to the average gross pension income for men receiving state pension as used by Prospect
• the Institute for Fiscal Studies uses two measures. The first is the gap in average private and state pension incomes between men and women who are already over state pension age. The second is the gap in average pension saving between working-age men and women

6.2 Data Sources

Wealth and Asset Survey

Estimates of the Gender Pension Gap are based on responses to the Wealth and Assets Survey (WAS). This survey measures households and individuals in terms of their assets, savings, and planning for retirement. As a nationally representative survey this data source allows us to infer an estimation of pension wealth across Great Britain.

While the latest data available offers valuable insight, users should treat results with a degree of uncertainty and caution. The latest WAS data collection took place during the COVID-19 pandemic, meaning a change in the data collection process from face-to-face to telephone interviews. Find further detail on the impact of COVID-19 on ONS survey data. This has led to challenges with the representativeness of the data primarily with housing tenure status. Updates to the weighting have been made by ONS to address this.

Response rates for the study diminished for new and existing sample members since the last round of data. The response rate for the existing sample members fell from 68% in Round 7 to 54% in Round 8. New entrants to the survey were less likely to respond; the response rate for new sample members fell from 41% in Round 7 to 26% in Round 8. Although the sample has reduced over time, it remains a relatively large survey (around 32,300 people aged 16 or over) and almost complete coverage of Great Britain.

Estimating individual pension wealth, and the GPeG, relies on calculating the value of DB pensions. This introduces additional complexity into the value of an individual’s pension wealth, as DB pensions do not exist as a pot of money (unlike DC pensions) and the value must instead be estimated. The ONS have changed the method used to estimate the value of defined benefit pensions in the latest data. As a result, the latest estimates of pension wealth, and the measure of the GPeG, are not comparable with estimates from previous releases.

The Department will continue to monitor the best available data to estimate the Gender Pension Gap and will report future measures appropriately.

Annual Survey Hours and Earnings

ONS Annual Survey of Hours and Earnings (ASHE) is the principal data source of information on participation and amounts saved. ASHE is a key source of information on workplace pensions in GB as it collects information on all types of workplace pension schemes. The survey results are used widely to monitor the impacts of pension reforms. It does not collect information pension wealth and therefore cannot be used to estimate the GPeG. The latest data relates to April 2023.

6.3 Statistical notes

Numbers have been suppressed where the sample size is small. We welcome feedback on the material provided to improve future releases.

For data presented in section 2 on workplace pension saving trends please see the accompanying tables of the Workplace pension participation and savings trends publication.

Statement of compliance with the Code of Practice for Statistics

The Code of Practice for Statistics (the Code) is built around 3 pillars:

• trustworthiness – is about having confidence in the people and organisations that publish statistics
• quality – is about using data and methods that produce statistic
• value – is about publishing statistics that support society’s needs

The following explains how these pillars of the code have been applied in a proportionate way for this analysis.

Trustworthiness

These figures have been published to provide an estimate of the gap in private pension wealth between men and women currently reaching retirement age. They are being released now to ensure equal access to the analysis and to support the Pensions Commission and provide a greater level of detail to support public awareness and ensure transparency.

Quality

The estimates are based on the ONS’ Wealth and Asset Survey (WAS). The methodology and calculations in this analysis have been quality assured by DWP analysts to ensure they are robust.

Value

Releasing these estimates provides the public and user organisations with up-to-date estimates on the latest estimate of the gap in private pension wealth between men and women currently reaching retirement age. The estimates also add value to the Government’s Pension Commission on adequacy. Making this information accessible helps reduce the requirement of Parliamentary Questions, Freedom of Information requests and ad hoc queries.

Contact Details

Authors

Megan Steele

Ryan Churchill, Pensions & Later Life Analysis, DWP

Feedback and queries about the statistics can be sent to: workplacepensions.statistics@dwp.gov.uk

For media enquiries please contact the DWP press office.

Contact us for statistical enquiries and publication feedback only.

1. The NMPA is currently 55 years old. This analysis focuses on a five-year age band (55-59) that includes the NMPA ↩

2. The NMPA is currently 55, rising to 57 in 2028 ↩

3. Analysis of the ONS Annual Survey of Hours and Earnings, GB, 2023 ↩

4. The Purple Book 2024, DB pensions universe risk profile ↩

5. Gender pay gap - Office for National Statistics ↩

6. A02 SA: Employment, unemployment and economic inactivity for people aged 16 and over and aged from 16 to 64 (seasonally adjusted) - Office for National Statistics ↩

7. EMP01 SA: Full-time, part-time and temporary workers (seasonally adjusted) - Office for National Statistics ↩

8. Workplace pension participation and savings trends: 2009 to 2023 - GOV.UK ↩

9. Workplace pension participation and savings trends: 2009 to 2023 - GOV.UK ↩

10. The NMPA was introduced in 2006 and was increased from age 50 to age 55 in 2010. The analysis on WAS data collected before 2010 (W1-W2), focuses on those aged 50-54. From W3-R8, the analysis focusses on those aged 55-59 ↩

11. Analysis of the ONS Annual Survey of Hours and Earnings, GB, 2023. AE criteria requires that eligible employees (earning more than £10,000 per year and aged between 22 and SPA) are entitled to minimum total contributions of 8% of qualifying earnings, of which at least 3% is contributed by the employer. Many employers can, and do, pay more than the minimum. Note, the sum of the average (median) employer and employee contribution rate does not sum to the total median contribution rate as the median is estimated individually for each element. ↩