A key cause of the pensions savings gap is that women’s pension incomes are, on average, 40% lower than men’s. Women are often seen as the primary caregiver and as such are more likely to go into part-time work to be available for family commitments, resulting in lower pension contributions over time. This means that decisions about how to work when they have a young family can not only be career defining, but can also shape their retirement.

We believe in employers’ duty to give everyone the time and space they need to make important life decisions like these. Progressive family leave policies are fundamental to empowering caregivers – both male and female - to choose flexible working without compromising their career progression.

We sat down with Patrick Thomson, Head of Research Analysis at Phoenix Insights and his wife, Esther Thomson, a secondary school Vice Principal. Both Patrick and Esther work four days a week to raise their three young children. After their youngest was born, Patrick took the six months paid parental leave offered by Phoenix Group to all employees.  Leave which hadn’t been an option where he worked when their sons were born. This gave the couple vital time and space to make critical decisions about their working lives in relation to their family and long-term finances.

“When I heard about the policy, it seemed too good to be true, and much more flexible than traditional shared parental leave! I am very grateful to the senior colleagues who urged me to take it,” says Patrick. “It’s something not many dads get to experience and definitely helped my decision to work 4 days a week so we can both play an active role in our children’s lives.”

“Today, I think being a ‘good dad’ means having a good career, while ensuring your partner can have the same. We’re showing our children that both parents can be fully involved - at home and at work.” Says Patrick.

 “We’re entering that phase when our kids are still young, but our parents are getting older,” adds Esther. “That’s why it’s so reassuring to know that Phoenix has generous carers’ leave policies too.”

“By offering enhanced family leave for men, we provide equal opportunities for all colleagues to grow their families whilst growing their careers.” says Rachael Crofts, Co-chair of the Colleague Family Network at Phoenix Group. “We also have a range of policies to support that tricky transition from ‘working person’ to ‘working parent’, including phasing back your return as you settle your little one into childcare or adjusting your working pattern to have more flexibility to support your family.”

The couple stress how important it is to take long-term finances into consideration when thinking about working part-time. “People tend to focus on the impact on their current salary. Pensions are the iceberg under the water,” says Patrick. “It’s vital to understand the how this decision will affect your contributions and household budget 20-40 years down the line.”

You can find out more about our flexible working policies and hear from other colleagues.