Aegon’s UK Readiness Report revealed 7% of the female population is on track to reach their expected retirement income, up 2% since April 2015.

Women have become more realistic about their retirement age since April 2015, now aiming to retire a year later, at 64.

Women also expect a retirement income of £40,700 a year, lower than the £45,800 expected by men.

However, both these figures would require a savings pot of more than £1m – higher than the new pension lifetime allowance which comes into effect this year. (A guide to the pension lifetime allowance changes)

According to the study, nearly one in five (18%) men and a sixth (15%) of women pay more into their pension savings as a direct result of the freedom reforms.

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Aegon also warned fraudsters continue to target people by offering early access to their pension pots.

The survey revealed 23% of men and 16% of women in the UK have received a cold call offering a free pension review or pension investment opportunity and 18% of men and 12% of women have received an offer suggesting they can access their pension pot before 55.

In addition, 13% of men, and 9% of women have received a text message offering a free pension review or pension investment opportunity.

Kate Smith, regulatory strategy manager at Aegon said: “Women are making the biggest steps when it comes to getting on track for the retirement they aspire to. Since April 2015 there has been a shift as women in the UK have become more realistic about their retirement income expectations, increased their expected retirement age, and started to close the gap to their male counterparts.”

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