People who switch from full-time to working part-time three days a week face a pension penalty of up to £119,000, according to new research.

Only 23% of women are confident they will be able to retire comfortably with over a third (35%) expecting to be unable to enjoy a decent income in retirement.

A report for the Treasury-backed Women in Finance Charter suggests that women are continuing to gain more senior roles in financial services, with female executives now holding 35% of senior roles.

Longevity think tank Phoenix Insights has called on the government to expand employers’ legal requirements on workplace pension communications to help close the gender pension gap.