Women get small slice of pension pie

Women retiring this year will receive on average a pension worth £6,500 less than their male counterparts.

Figures released by Prudential show that female retirees this year will receive an annual income of £12,900, compared with £19,400 for a man.

However, the gender gap is narrowing, with figure is down from £7,400 last year. Prudential bigwig Vince Smith-Hughes, said:

'It is good news that average retirement incomes for women have risen, but unfortunately the gender gap remains stubbornly wide.

'There are a number of actions that women can take to help to boost their retirement income. For example, it is a good idea to maintain pension contributions during any career breaks and to explore making voluntary National Insurance contributions after returning to work.

'It is imperative for anyone looking to secure sufficient retirement income to start saving as much as they can, as early as they can and to seek professional financial advice in the run up to retirement.'

United Kingdom - Excite Network Copyright ©1995 - 2021