The research also showed that only 21% of all business written was conducted with women. The disparity in average fund size between men and women is the result of a number of factors, argues the group: Of these the gap in earnings is the most important, with a greater proportion of women employed part-time and more women taking career breaks.

The reduced pot size and lack of engagement explains why women are only responsible for 17% of all funds My Pension Expert has received.

Scott Mullen director at My Pension Expert said: “It’s My Pension Expert’s hope that we will see this difference begin to close as a result of Work Based Pensions and Auto-enrolment. The gender pay gap for all employees, full-time and part-time, was also the lowest on record at 19.1% this year, down from 19.8% in 2013. So as the gap continues to narrow the disparity between pension pot sizes should also reduce with it.”

“It’s because of this disparity that it is even more essential that women seek out professional advice when arranging their retirement. As their pension pots are on average smaller, they need them to work even harder in order to attain their desired standard of living.”