According to the latest government data, men have almost twice as much saved in private pensions as women. So it’s not surprising that research by Opinium in May 2025 found that as many as 78% of women are reliant on their partner’s pension.
The impact of this financial inequality can be significant. Pensions expert Hannah Martin, founder of The Rich Retiree, says: “At best, this inequality could mean you having to share your husband’s pension. At worst, you could find your access to money under strict control. You might find that in your retirement years you need to ask for money to meet friends for dinner or be unable to book a weekend away without your partner’s permission.”
With retirement now potentially spanning 30 or more years, that’s a long time to potentially rely on someone else financially, especially if you are used to earning and spending your own money!
© Charlotte Rebecca PhotographySo, what can you do?
Hannah says: “Even if you don’t have the opportunity to build a large pension pot, you can still save for your own retirement ‘freedom fund’. This is a pot of money that is built and controlled only by you. Money you can spend on exactly what you like, without needing to justify it, or with anyone asking, Don’t you already have one of those?’”
Hannah is encouraging women to think of a freedom fund as their independence, because even if you have a healthy relationship with your partner, there’s something psychologically liberating about having money that is just yours, to spend exactly as you wish. Money that does not need to go towards general household expenses, as you can use your State Pension for this.
How can you build your freedom fund?
There are several ways you can save into a pension, depending on your personal circumstances, and take advantage of tax relief benefits and even employer contributions. Hannah’s advice is:
If you are employed and qualify for auto-enrolment, the money you contribute to your workplace pension will be boosted with employer contributions and tax relief.
If you are self-employed, the government will top up the contributions you make into your pension by 25%, meaning if you pay in £100, they will add an extra £25.
If you run a limited company, the money you pay into your pension through your business is treated as a business expense, to be offset against your corporation tax bill.
The amount you can contribute each year if you are self-employed or a limited company and claim tax relief is capped at 100% of your salary or £60,000, whichever is lower.
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What if you don’t currently work?
If you made the decision as a family for you to stay at home and raise your children or care for elderly parents, it’s not unreasonable to expect some of the family income to be invested in a private pension for you. Hannah says: “The good news is that if you earn less than £3,600, you can contribute up to £2,880 into a personal pension and receive a 25% tax top-up from the government.
“While you may feel like you don’t have the time or opportunity to build a big pension, any contributions you make can help to build you that all-important freedom fund when you retire.
“For example, if you can invest just £100 a month and wait 15 years to start withdrawing it, with an annual interest rate of 5% and a basic rate tax top-up from the government, your pension pot could be worth £32,000. Of that, you will have invested just £18,000.”
© Getty ImagesAllowing for 4% inflation annually, Hannah says that in this situation a woman could withdraw £2,000 a year, and the money should last for 18 years.
Just think of the potential difference that £2,000 a year could make to your retirement. It could pay for a holiday, nights out with friends, or small purchases to spoil yourself.
Keen to avoid man-bashing, Hannah says building a freedom fund for your retirement isn’t about planning your escape from your spouse or partner. She says: “It’s about creating a pot of money you can choose to spend exactly as you wish - and enjoy your time with a sense of financial independence”.
Hannah Martin is the founder of Rich Retiree, a resource aimed at helping women plan for a more rewarding retirement. It focuses on the four pillars of a ‘rich’ retirement: money, health, community and purpose.
