Mind the state pension gender gap

The UK state pension can be a valuable source of income during your retirement – especially for men.  April 2018 research by Which? found that – over the course of a typical 20-year retirement – men receive an average of £29,000 more state pension than women.

In August 2017, the average weekly amount women received was 81.9% of the amount received by men. This is a slight improvement on recent years, although still a considerable gap. Of the 12.9 million people currently receiving state pension, the amount that 8.4 million receive is based solely on the National Insurance (NI) contributions.

You currently need to have made 35 years’ worth of NI contributions to qualify for the full state pension, but many women – who may have taken a career break to have children, for example – fall short of the full criteria.