A recent survey has found that the gap between men's and women's pensions is shrinking because male incomes are falling.

Morton Fraser's Pension Planner, Chris Ness, added the following comments:

'A number of factors have impacted on retirement income in recent years particularly for those who require the security of income, which can be provided through an annuity.

With people living longer and the UK's financial stimulus package impacting on annuity rates, the decisions at point of retirement are more important than ever. The retirement market is changing with more products available including asset-backed arrangements or arrangements designed to provide underlying income guarantees. In some cases individuals have different sources of income in retirement and don't solely rely on their pensions, which can provide a degree of flexibility and control over income.

Needless to say, many others do not have this luxury and maximising income is the main objective. Seeking advice at this stage is extremely important.'