Scottish Widows, a life insurance and pensions firm, has launched an ‘industry-first tool’ in collaboration with creative agency Adam&EveDDB to calculate the gender pension gap.

Timed with the approach of International Women’s Day, the campaign aims to reveal the extent of the disparity between men and women’s pensions and address solutions. Utilizing data from Scottish Widows’ Women & Retirement Report and ONS data on average incomes and working patterns, the tool demonstrates that the pension pay gap is over twice the size of the gender pay gap. The campaign, in its fifth year for International Women’s Day, emphasizes the impact of life events on women’s financial futures.

According to Scottish Widows data, the gender pay gap grows significantly from age 22 to 65, reaching close to £100,000 due to various life events affecting women’s careers compared to men. The tool was designed to provide personalized insights into pension disparities and encourage awareness and solutions.