Trend of more women contributing extra to pensions continues for P+ members

Female members of P+ have contributed more to their pensions than male members for the third year running, the pension fund has revealed.

Last year saw DKK 222m in extra payments to people’s pensions, a trend that began in 2019.

P+ CEO, Søren Kolbye Sørensen, said: “When our members pay extra into their pension scheme, it shows that they are aware of how they can secure a good financial foundation for their retirement. And, of course, we as a pension fund are pleased that our members are focusing on the fact that extra payments can give them greater security in the long run.”

The increase in pension contributions is attributed to the extra tax relief savers can get on pension payments and negative interest rates at banks.

However, P+ has also seen the trend of more women paying extra into their pensions than men, and the fund believes the focus on female pensions lagging men’s has had an impact on this. Since 2019, around 10-12 per cent more women have contributed extra to their pensions than men.

“This has contributed to our female members increasingly equalising the traditional gender pay gap. In fact, our female members under the age of 65 today have larger average retirement savings than our male members. I hope that in the future we will also see that more and more of our members take an active part in their pension and are considering whether they should pay extra,” Kolbye Sørensen said.

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