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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Falling annuity rates could see women working longer than men

Plummeting annuity rates could see women working longer than men to achieve the same level of pension income.

According to the AXA Wealth Pension Index, women will have to work seven months longer than men in order to retire with a pension income equal to the average industrial wage.

The Index also revealed that this period has increased from the five months recorded in 2007, resulting in a rise of 12 months over the last five years.

Although women have traditionally had to work longer to meet their pension goals due to their lower average earnings, the fall in annuity rates has only acted to worsen this situation.

AXA also warned that the impact of the EU Gender Directive, which comes into effect on 21 December, may also bring fresh challenges for women, as this will introduce gender neutral pricing.

Explaining further, Simon Smallcombe, head of guaranteed distribution for AXA in the UK, said: “The growing gender gap is particularly interesting to note in the context of the directive.

“While the directive will see insurers prohibited from using gender-based factors to determine and set annuities and other premiums, this will cause consternation and likely further delay women’s retirement.

“While there will be a decrease for women, men will likely experience a heavier fall in annuity rates.”

AXA released results of consumer research alongside its pension index, which reveals that although the average Brit expects to retire at 65, the reality is that many will not be able to afford to until they are 70.

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