New Freedom of Information data obtained by LCP partner Steve Webb shows the gender gap in state pensions for new retirees is almost gone, down to a 1 per cent difference.
The Department for Work and Pensions says “the amounts for men and women are on course to be equal very shortly”, marking a significant shift from the historic gap seen since the state pension’s introduction in the late 1940s.
Under the old state pension system, men retiring recently receive an average weekly pension of £217.30, while women receive £186.44, about 86 per cent of the male amount. These figures exclude many widows, whose pensions increased after their husbands died but who often spent years receiving lower payments.
The new state pension system, launched in 2016, aimed to close this gender gap and was phased in gradually to protect rights already built up under the old system.
For those retiring by November 2024, men’s average weekly pension is £209.95 and women’s is £208.15, less than a 1 per cent difference. According to Webb, the gap is expected to close further and may soon reverse, with women potentially receiving slightly higher pensions than men.
Webb says: “I am delighted to see that when it comes to the state pension, the battle against the gender pension gap is nearly won for those retiring today. When there is so much negative news about gaps between men and women when it comes to pensions, these figures show that things can be changed provided that there is the political will to do so. There are however, far too many women who have already retired who are living on reduced pensions and I will continue to campaign for them to be treated fairly, including by rooting out all of the errors which have led to so many being underpaid for so long”.
