The gender divide in retirement: Women to get half the pension of men

Women can expect to retire on just half the pension of their male contemporaries, researchers say.

And a typical adult retiring this year will have £18,663 to live on - £5,000 less than the average worker's income.

However, a breakdown of the figures from insurance giant Prudential shows a stark gender divide. While the average male pensioner will get £20,790, women can expect only £11,291.

Gary Shaughnessy, the managing director of Prudential Retail Life & Pensions, said: "These figures confirm the UK's pension crisis is far from over.

"Those retiring this year will have to survive on considerably less money than the average UK adult.

"This is bound to get worse as fewer people approach retirement with the benefit of a final salary occupational pension scheme."

The company's Class of 2008 research questioned 4,000 Britons about their retirement plans. Less than half of those planning to stop working this year said they believed their pension - including State and occupational schemes - and savings would provide enough income to enjoy a comfortable lifestyle.

The survey also found that only a quarter of those retiring this year had seen a financial adviser about planning for the future.

Mr Shaughnessy said: "It is absolutely critical that people seek professional independent financial advice when planning retirement, and the fact that just 24 per cent of those we polled had done so is worrying."

The study also found that many Britons give up work well before the official retirement age of 65 for men and 60 for women.

The average man retiring this year is aged just 60, and the average woman is two years younger. The researchers found that more than half of those stopping work this year will do so with the benefit of final salary pension schemes - unlike the generations following them.

However, Mr Shaughnessy added: "When the effects of inflation and increased longevity are taken into account, many of those retiring this year will find their retirement income becomes more stretched as they get older.

"To counter this, it is vital that people take time when considering their retirement income options. There are tax breaks leading up to retirement that many people fail to utilise.

"They should also remember that while annuities are a foundation for most retirement income, other sources - such as lifetime mortgages, as well as using additional savings and investments - can be considered to ensure that retirement income is maximised."

• An estimated 1.8million Britons approaching retirement are rejecting pensions in favour of investing directly in shares, a survey showed Tuesday.

A quarter over 55 who invest in shares said they were gambling on the stock market rather than investing in a pension, according to Lincoln Financial Group.

But the financial services firm warned that by avoiding pensions, many are missing out on available tax breaks - and are exposing themselves to the risks of a volatile stock market.

Simon O'Connor, from Lincoln Financial, said: "The tax advantages alone make pension saving demonstrably superior. People heading for retirement playing the stock markets to ensure they can have a comfortable standard of living are playing a very dangerous game."