New research from retirement firm Pensionbee has uncovered a remarkable trend in pension contributions during January 2026, with women in their forties driving an unprecedented surge in retirement savings. According to the data, female customers contributed 104 percent of the amount men contributed during the month, despite accounting for just 42 percent of total customers. This marks only the second time in Pensionbee's history that women have allocated more to their pensions than men.
A Dramatic Shift in Pension Behavior
The transformation in women's pension contributions represents a significant departure from recent patterns. Back in 2024, women contributed less than half of men's totals, before this figure rose to just under 60 percent in 2025. The January 2026 data also represents the first time women's pension contributions have surpassed men's since 2018, indicating a potential turning point in retirement savings behavior.
The Driving Force: Women in Their Forties
The majority of this increase was led by women in their 40s, who contributed a staggering 85 percent more than men of the same age group. This dramatic hike coincided with HMRC's January self-assessment tax deadline, suggesting that self-employed or freelance women scrambled to make significant last-minute lump sum contributions to take advantage of pension tax relief and bolster their retirement savings.
Maike Currie, vice president of personal finance at Pensionbee, commented on the findings: "Seeing women out-contribute men, for the crucial self-assessment month of January, is very encouraging, showing more women in their forties are in self-employment and/or are higher rate taxpayers and conscious of the importance of making pension contributions."
Earnings Peak and Pension Planning
Currie further explained the significance of this age group's behavior: "This matters as ONS data also shows that earnings peak at about age 44 for women, after which income growth tends to flatten and eventually decline." The timing suggests women in their forties are strategically maximizing contributions during their peak earning years to secure their financial futures.
Persistent Challenges and Uneven Progress
Despite the encouraging January data, significant disparities remain across different age groups. Pensionbee's research reveals that women aged 18 to 29 allocated seven percent less than men, while those aged 60 to 69 allocated 26 percent less. This uneven distribution highlights that while progress is being made among certain demographics, the overall gender pension gap remains a complex challenge.
The Pandemic's Lasting Impact
The research also examined how the COVID-19 pandemic continues to affect women's pension savings. Women were more likely to work in industries that felt both the physical and financial impacts of the pandemic, with many experiencing income reductions or leaving the workforce entirely to care for children, sick relatives, or elderly family members.
Pensionbee's analysis quantified these impacts: every year spent out of the workforce for unpaid care reduces a pension pot by approximately £5,000 at retirement, while switching to part-time work reduces it by £2,000. These figures underscore the long-term financial consequences of caregiving responsibilities that disproportionately affect women.
The Stark Reality of the Gender Pension Gap
Despite the January uptick, women in their 40s still have substantially less in their pension pots than their male counterparts. For men aged 45 to 49, the median pension pot stands at £138,816—more than twice that of women at £67,975. This disparity highlights the persistent gender gap in pension savings, largely attributed to women having to step away from work for caring responsibilities during their careers.
Systemic Barriers to Equality
Currie emphasized the need for broader reform: "There is clearly growing engagement and a determination from women in their mid-forties in particular to bolster their retirement savings. However, closing the gender pension gap will require systemic reform. Women remain overrepresented among the UK's 'invisible workers', falling outside the net of auto-enrolment, which has very much been designed around formal employment structures and the payroll."
The research comes as both government and industry figures urge more self-employed individuals to allocate money into their pensions. A combination of lower average earnings and the inability to access automatic enrolment has left many self-employed workers, particularly women, not placing enough into their retirement pots.
The January 2026 pension contribution surge represents both progress and a reminder of the work still needed to achieve pension equality. While women in their forties are taking proactive steps to secure their financial futures, systemic barriers continue to prevent many women from building adequate retirement savings.
