One in three women and three in 10 men risk falling short of the income needed for a minimum standard of living in retirement, a report indicates.

The Scottish Widows report estimates that 33% of women who are not yet retired risk falling below the minimum amount needed in their later years, defined as equating to less than £13,900 a year for a single person or £22,500 for a two-person household.

Among men, 30% are projected to reach below the minimum income standard in retirement.

The economic modelling was based on Scottish Widows’ annual retirement report survey, using Pension UK’s retirement living standards.

The standards give people an idea of what sort of retirement lifestyle they could be on course for.

The research also indicated that the pensions gender gap has narrowed.

Women’s median average projected retirement income rose to £14,500 a year, up by £1,500 compared with projections in 2025.

This compared with £18,300 for men.

Scottish Widows said the gap between men and women had narrowed…