The report says while the average annual salary for the over-60s is £25,480, the average annual pension income, including state pension, is a third of that at £8,774.
This means that the average Briton retires with an annual income almost 24 per cent less than the minimum wage.
Richard Rowney, LV’s life and pensions managing director, said: “British people approaching retirement today are under huge financial pressure as their retirement savings are being stretched over a much longer period of time.”
The report’s findings indicate that the gender pay divide that most women experience in the workplace continues into retirement.
It suggests that women will have to survive on an annual retirement income that is up to 40 per cent less than the average man’s, with women receiving £6,580 and men receiving £10,967 a year.
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