Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • April 2014
04

Women's retirement income £6,700 below men's

Open-access content Tuesday 29th April 2014

Women planning to retire this year can expect to receive an annual income more than a third lower than men, according to Prudential research published today.

It showed that women retiring in 2014 were looking at an average retirement income of £12,200 compared to £18,900 for men, a difference of £6,700. This means retirement income gap is up 3% on 2013 and at its widest since 2010, Prudential said.

Although women's annual income is projected to be £450 higher than it was last year, it has failed to keep pace with the rise in men's income, which has grown by £650 on last year.

Vince Smith-Hughes, retirement income expert at Prudential, said it was concerning that the gender gap remained stubbornly wide.

'However, [the figures] don't alter the fundamental fact that many people are not saving enough for a comfortable retirement,' he said.

'There are practical steps that women can take today to improve their retirement incomes in the future. These include maintaining pension contributions where possible during career breaks and making voluntary additional National Insurance contributions when returning to work.'

In the North West of England the retirement income gender gap was narrower and women's expected incomes were higher than anywhere else in the UK - women expect to retire on £13,850 a year, just £1,500 less than the figure for men (£15,300).

The gap is the widest in London where the average expected retirement income for women was £10,500 a year - the second lowest in the country - and only 43% of the £24,500 expected by men. Women's expected retirement income is lowest overall in the South West, at £9,650 a year.

 

 

This article appeared in our April 2014 issue of The Actuary.
Click here to view this issue
Filed in:
04
Topics:
Pensions

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Underwriting Risk Manager

London (Central)
£85K-£95K + Benefits
Reference
124386

Reserving Manager (Contract)

London (Central)
£1200 - £1400 per day
Reference
124385

Life Actuary - Contract - IFRS 17 Financial Impact

England, London / England, Bristol / North Yorkshire, England
£900 - £1150 per day
Reference
124384
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2022 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ