Recent research has revealed that the pensions gender gap has almost trebled over the past ten years.
According to Royal London’s analysis, women had £85 less per week than their male counterparts during 2016/17. This can be compared to £31, the difference in pension income ten years earlier.
The data from the Department of Work and Pensions showed that on average, £316 was the weekly income for a retired single woman in 2016/17, compared to £401 weekly amount for men.
According to Royal London, the key factors in the widening of the gap are occupational pension schemes and earnings in retirement. It states that whilst both genders have seen their occupational pensions increase over the past decade, men have seen a more significant increase. Whilst the average weekly amount has risen to £81, up from £58 for women, their male counterparts have seen their occupational pensions rise from £83 per week to £125.
Commenting on the analysis was director of policy at Royal London, Steve Webb. He stated: “Much more needs to be done to tackle the disadvantages faced by women in the later life jobs market as well as doing more to ensure women are building up better pensions in their own right in the future.”
