Nicola Anderson

The forum aims to address the significant gender pensions gap, which sees women saving 34% less for retirement by their 40s and 51% less by their 50s. This disparity is attributed to life events including menopause, caring responsibilities, and divorce.

The company has joined forces with FinTech Scotland and TCS COIN (Co-Innovation Network) to encourage third-party organisations to pitch innovative approaches that engage women more effectively in financial planning. The initiative will focus on aiding women in making informed financial decisions for a more secure retirement.

Interested applicants are urged to present proposals that underscore innovation, creativity, and practical implementation. Proposals should consider the means of effectively delivering their solution to Phoenix Group’s vast customer base, harnessing its expansive scale and capabilities.

Criteria for assessment will centre on the potential impact of the solution, its scalability, and its uniqueness. The deadline for applications is set for 10 September, with final presentations to an expert panel from Phoenix Group scheduled for December.

Executive sponsor of the scheme and Phoenix Group’s director of corporate affairs and investor relations, Claire Hawkins, said: “This an extremely important issue for a huge number of people in the UK and a topic close to my heart.

“Far too many women are not saving enough to meet the income levels they want or expect in retirement and this is a tremendous opportunity to reach out to them and engage them in their financial futures so we can help them make better, more informed decisions that can ultimately lead to securing a better, longer life.

“We are passionate about improving their knowledge, confidence and capability to improve their financial outcomes in retirement. That is why we’re looking for organisations who can find creative, scalable and effective solutions to address the gender pensions gap as we look to develop and explore new ways of tackling this issue.”

Nicola Anderson, CEO, FinTech Scotland: said: “FinTech Scotland is proud and excited to be working with the Phoenix Innovation Forum on this important topic.

“Engaging and empowering citizens in their financial futures is an essential component in helping the UK build its financial inclusion ambition. The retirement savings gap is a growing concern in the UK and the current research shows this has a significant impact on women in particular.

“Fintech innovation can change that reality, and in collaboration with Phoenix Group we believe that the time for action is now. With this new innovation forum, we hope to discover bold and transformative ideas that will enhance women’s financial knowledge, improve their confidence, and grow their capabilities to achieve the future they want.”