The government said it would aim to make these changes in the mid-2020s but as yet no progress has been made. MP Richard Holden's recent private members’ bill on the matter was received by the pensions minister who said the changes would be addressed in the “fullness of time”. But it is vital these changes are addressed sooner rather than later.
Another factor that could potentially make a big difference is flexible working. This includes job shares, compressed hours and home working. While previously frowned on by many employers it has been embraced by many during the pandemic.
The effects are potentially far-reaching, enabling working mums and dads to structure their time more effectively to share childcare responsibilities. It also has the potential to help older workers remain employed for longer and could be a game changer for women impacted by menopause. Recent figures from the Office for National Statistics showed flexible working would be a key factor encouraging older workers back to the workplace.
We have a long way to go to address the gender pension gap, but with these changes we can make real headway.
Helen Morrissey is senior pensions and retirement analyst at Hargreaves Lansdown
