Single women pensioners under 75 received a greater annual income after housing costs than men for the first time in 2021/22, although higher contributions are needed to improve retirement standards for both men and women, analysis from Broadstone has revealed.

The research, based on data from the Department for Work and Pensions (DWP), showed that women under 75 received an annual income of £12,168 in 2021/22, £52 higher than their male counterparts who received £12,116 that year.

This marked a “sharp reversal” of the previous years’ data, when the income of male retirees was £988 higher.

However, the findings were not as positive for single female pensioners over the age of 75, who received £2,236 less than the men in their cohort in 2021/22.

In addition to this, the research showed that the average annual income gap between this older cohort of single retirees over the past decade was £1,466, nearly double the average annual income gap between younger pensioners (£780).

Commenting on the findings, Broadstone head of DC workplace savings, Damon Hopkins, warned that while closing the gender income gap amongst younger pensioners is good news on the face of it, in a broader context, it is "clear that there is a high number of people that will not achieve a comfortable standard of living in retirement".

“The Pension and Lifetime Savings Association (PLSA) minimum retirement living standard is £12,800 for a single pensioner so it is evident that for many pensioners their incomes in retirement are unlikely to be delivering the quality of life that they would have hoped for,” he continued.

“This is particularly pertinent for single pensioners with other government data showing that single people (19 per cent) are more than twice as likely to not achieve a minimum income standard compared to couples (8 per cent).

“Overall, its further evidence of the urgent need for the government and all stakeholders in the pensions industry to prioritise ratcheting up contribution rates and investment innovation in the years to come.

"This will be crucial to ensuring both male and female pensioners can build up adequate pension savings.”

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