Pensioners’ average weekly incomes have continued to increase from historic levels, although disparities persist amongst certain pensioner groups, the latest data from the Department for Work and Pensions (DWP) has revealed.

The results showed that pensioners' average weekly incomes have increased from £195 when the survey first began in 1995, to £371 in 2010, thanks to an increase in benefits, including the state pension, and increased income from occupational pensions.

In line with this increase, fewer pensioners are now receiving income-related benefits, as the DWP found that the percentage of pensioners in receipt of income-related benefits in FYE 2023 was 21 per cent, down from 37 per cent in 1995.

Progress has since slowed, however, as in the 10 years from 2010 to 2020, pensioners had similar average incomes with £371 and £384 respectively, and, after the deduction of direct taxes, and housing costs, the average income of all pensioners in FYE 2023 was £387 per week.

This also marked a fall on the £416 average income high recorded in 2020-21.

The survey also identified a number of disparities between pensioner groups, revealing that the average income for pensioner couples was £561 per week, which was more than twice that of single pensioners, who had an average income of £267 per week.

Single male pensioners also had higher average incomes than single female pensioners, reporting an average weekly income of £286, compared to £259.

Single female pensioners were also more reliant on benefit income, as the DWP found that, in the 2023 financial year, benefit income, which includes state pension, made up 62 per cent of total gross income for single females, compared to 47 per cent for single males.

Occupational pensions, meanwhile, made up 29 per cent of total gross income for single male pensioners, compared to 24 per cent for female pensioners.

Whilst pensioner couples were also less reliant on benefit income than single pensioners, the survey showed that benefit income, including state pension was the largest component of total gross income for both pensioner couples and single pensioners, at 56 per cent for single pensioners and 37 per cent for pensioner couples.

Income from occupational pensions was 32 per cent of total gross income for pensioner couples and 26 per cent for single pensioners.

The survey also found that older pensioners had lower incomes than younger pensioners on average and were more reliant on benefit income.

Commenting on the findings, Broadstone head of DC workplace savings, Damon Hopkins, also pointed out that despite the increases in overall pensioner income, "worrying questions remain around adequate retirement provision".

"While a single pensioners income was £267 a week, or £13,884 a year the absolute bare minimum needed for an adequate standard of living according to the PLSA’s Living Standards was £14,400 a year – highlighting a £516 shortfall," he continued.

“Auto-enrolment is nudging more workers to contribute towards their retirement pot and begin to ramp up their savings, but it is clear that continued and varied action is required, particularly around employee awareness of what their future provision might look like.

“Pension savers cannot rely on a 'triple-locked' state pension to provide their retirement income, it is a great base, but not enough and is coming later and later – so it is key they are saving for as long as possible, as much as possible and people check their investments are performing well, and they are able to make informed decisions at the point of decumulation.

“The whole industry has a role to play in driving such change for the benefit of this new generation of defined contribution savers – there is hope, but we cannot rest on our laurels.”

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