Men are getting a better state pension deal than women to the tune of almost £29,000 over the course of a typical 20-year retirement, according to research by Which?.
The consumer advice website analysed the latest Department for Work & Pensions (DWP) data and found significant disparities persist – with the average man receiving £153.86 a week and the average woman receiving £125.98 a week.
The research revealed that the situation has improved slightly however in August 2017, the average payment received by women represented nearly 82 percent of that received by men, up from 79 percent in August 2015 and 77 percent in August 2013.
Which? said the DWP told them the new state pension is already further reducing the gender gap.
A DWP spokesperson said: “Around 650,000 women reaching state pension age in the first 10 years will receive an average of £8 per week more (in 2015-16 earnings terms), due to the new state pension valuation of their National Insurance record.”
Which? explained there are 12.9 million people currently getting the state pension and that the amount people receive is strongly influenced by the pension group they fall into.
It said the main group of state pensioners is the 8.4 million people who receive basic and additional pension based solely on their own National Insurance (NI) contributions.
This group is 59 percent male and 41 percent female, with an average weekly payout of £142.22.
Which? said that in many cases, women in will have a lower pension because they may have taken a break from their career to have children.
Harry Rose, Which? money editor, said: “Many pensioners will be shocked by the differences in average payouts to men and women and those qualifying under the old and new systems.
“Some pay gaps will close eventually, but not soon enough for some. There are steps people can take to put themselves in a stronger position, for instance by planning their retirement budgets in advance and taking advantage of the forthcoming pensions dashboard.”
“But the DWP must also play its part by ensuring it provides accurate forecasts that are easily accessible.”