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However, the sum is increasingly being viewed as simply a safety net for retirement.
In addition, if women have had career breaks to care for children or relatives, they may have gaps in their National Insurance record.
This could ultimately impact the amount they are able to secure from the state pension.
Gillian Nissim, Founder at Working Wise, said: “The gender pension gap is 37.9 percent which is startling until you see the results of this report which reveals that from the moment women have caring responsibilities, their pensions start to come crashing down.
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