This study provides rationale for the underrepresentation of women in the pension sector and examines the consequences for the gender wage gap. For a given set of observed characteristics, a woman is 11-19 percent less likely than a man to have a pension. Of the unexplained portion of the gender wage gap, 10-38 percent is due to unexplained differences in pension coverage. Finally, consistent with a screening effect of pensions, women are paid more equally in the pension sector. Copyright 1990 by MIT Press.