HSBC Pension report issued

HSBC has released a report on the pensions market as a result of a government announcement which states that female retirees are suffering from a pay divide.

The HSBC pension report states that women seem to be far more prepared for retirement than their male counterparts.

The Department for Work and Pensions' earlier report had shown that many women will be drawing on smaller funds once they reach retirement - receiving between £50 and £100 less a week than male retirees.

HSBC's report reveals that 57 per cent of women aim to be self-sufficient by the time they reach retirement - a figure that is five per cent higher than was recorded for men.

Commenting on the research, Steve Troop, head of retirement businesses at HSBC, said: "Women expect to live longer than men and have more experience of running flexible personal and professional lives. This makes them more open to complex and varied options in later life."

However, Mr Troop also said that that both the government and industry still need to produce a "more flexible approach to retirement saving" to make it easier for women to manage their careers and retirement.