Will state pension equalisation worsen the gender gap?

This will be 65 for those reaching that age between 6 November 2018 and 5 December 2018, and then gradually increasing, first to age 66 and then to age 67.

However, Aegon says that getting their state pension from an earlier age offered some women 'compensation' from a significant private pensions gap, and "with that now removed, the overall gender pensions gap will get worse".

Aegon's research shows that by the time women reach age 50, they have on average only half the pension savings (£56,000) compared to their male counterparts, who will have saved on average £112,000.

At age 30, women need to contribute an extra £21 a month to close the gap on men, and by age 50, this has risen to an extra £360 a month.

Half of women say they’re not confident about a comfortable retirement, compared to 33% of men, and Aegon says women have now lost the one ‘advantage’ they had.

Steven Cameron, pensions director at Aegon, said: “Our figures show just how far women are behind men when it comes to saving for retirement. On 6th November this gender pensions gap will become even wider as the women’s state pension age rises to age 65, bringing it up to the male age.

"While some may see this a step forward towards equal treatment, it actually means women are a further step back compared to men with pensions. While limited progress is being made to close the gender pay gap, other factors impacting women’s ability to save adequately for retirement including career breaks to raise a family or to care for elderly parents, aren’t going anywhere.

“The equalisation of state pension age, and future planned increases are a further prompt to women to think about how much they’ll need to save privately for a comfortable retirement and it can be well worth seeking financial advice.”