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.