The launch of a new report, ‘Bridging the Gender Pension Gap’ today by the UK’s largest mutual life and pensions company, Royal London, looks at the unique retirement planning challenges women face as well as the contrasting attitudes and savings behaviour of women and men.

The research, involving a nationwide survey of more than 3,000 people, highlights that women are more likely than men to reduce their hours or exit work in their 50s, which is the prime age bracket for pension saving.

Its analysis suggested those moving to reduced hours face an average £63,000 shortfall in pension savings compared to those who continue on full-time hours.

Menopause has contributed to many women reducing their working hours or giving up jobs.

The impact of stopping work altogether – which around a million women have had to do as a result of menopausal symptoms – could result in them being £126,000 worse off.

Clare Moffat, pensions expert at Royal London, said: “While the introduction of automatic enrolment ten years ago helped more women than ever save into a pension, the UK still faces a yawning gender pension gap.

“Women in their 50s, for a variety of reasons, are much more susceptible to leaving the workforce than men. Separate studies show that caring responsibilities mean women are twice as likely to be forced to leave their job than men.

"However, a notable barrier to remaining in work, which is only just beginning to receive increased awareness, is the menopause.

“While symptoms vary between individuals, for many women the menopause can have a big impact on their everyday life, often resulting in them reducing the hours they work or stopping work altogether. It’s only further down the line that the resulting missed pension contributions becomes apparent, but by then it may be too late.”

The report said that women face a number of challenges which could limit their ability to save for retirement, and ultimately contribute to a significant gender pension gap.

These include an unequal distribution of caring responsibilities, the eligibility criteria for automatic enrolment which disadvantages those (mainly women) in part time work, and the menopause.

Despite the menopause being a life event that almost all women will encounter as they grow older, it is a factor widely unregistered when discussing women’s retirement savings.

Menopausal symptoms have forced thousands of women to reduce their hours or worse still, leave work altogether. As a result, these women are missing out on important pension savings at a key stage in their life.

Earlier this month, a health minister promised that improving support for women going through the menopause is “a priority” in the Government’s women’s health strategy.

Lord Markham told the House of Lords on World Menopause Day that more is being done to help women both through the healthcare system and in the world of work.

Currently, he told the upper chamber, 10 per cent of people during the menopause end up leaving their job, noting that this is a “real loss to business and obviously a loss to that individual”.

He added that 55 per cent of women who show symptoms do not feel able to speak to their GPs about it and a further 30 per cent feel there were delays in diagnosis.

Menopause premium 'leaving women with £126,000 retirement shortfall', Royal London analysis finds