Towards Improved Retirement Savings Outcomes for Women
Labour market inequalities are well-known to be the main drivers of the gender pension gap. This publication focuses on helping governments find solutions for retirement savings arrangements that do not further exacerbate these inequalities. This study first analyses why the gender pension gap exists and sheds light on some of the behavioural and cultural factors that contribute to these inequalities. Country case studies assess how demographics, labour markets and other factors may affect gaps in pension coverage, assets and entitlements. The study then explores how the design of retirement savings plans affects men and women differently. Finally, it provides policy options to improve retirement savings outcomes for women and to help close the gender pension gap.
Gender implications of the design of retirement savings plans
This chapter explores the extent to which the design of retirement savings plans may widen or narrow the gender pension gap. It examines the rules and parameters of retirement savings plans in OECD countries with respect to enrolment, contributions, financial incentives, the accumulation of assets, the pay-out phase, and communication and financial education, to see whether these rules and parameters may affect men and women differently. It also provides case studies illustrating the potential impact of different initiatives to reduce the gender pension gap in retirement savings systems.