Women approaching State Pension age have been told “now is the time” to act and maximise their entitlements, as data suggests they make up two-thirds of Pension Credit recipients – highlighting their financial vulnerability. It comes as women on the old State Pension system continue to see a £361 annual payment gap compared to men on the same system.

And while women can have parity with men in terms of payments under the new State Pension, the National Insurance contributions it’s based on mean many may have to “plug the gap” with credits if they’ve had periods off work to raise children. Women have been urged to check their National Insurance records for any missing contribution years. Clare Stinton, financial wellbeing lead at the financial services firm Hargreaves Lansdown, said: “Fresh figures released show a steady increase in the number of people claiming the State Pension, with 13.2 million now receiving payments – a rise of 243,000.

“The average weekly payment has also climbed to £210.73, up £8.78 year-on-year, offering retirees a small but welcome boost amidst ongoing cost-of-living pressures.

“The number of people claiming the new State Pension is growing too, with five million retirees now receiving it, an increase of 740,000 since August 2024.”

Ms Stinton says basing the entitlement on an individuals NI record has “been a gamechanger for women”, under the new system, “helping to close the historic inequalities embedded in the old State Pension”.

“Women are benefiting from the new State Pension system, with female recipients receiving on average £214.41 per week, compared with £194.94 for women receiving payments via the legacy system,” the expert continued.

“However, this pattern does not hold for men, whose average payments under the old State Pension remain slightly higher at £225.04 per week, compared to £214.41 under the new State Pension,” she added.

Ms Stinton explained that retirees need 35 qualifying years of NI contributions to receive the full £230.25 in the 2025/26 tax year.

She says everyone receiving less than the full amount, or coming close to retirement age, should check their NI record on the Government website to ensure they’re not missing out on the full amount.

“Missing years don’t have to mean missing money. You may be able to plug gaps in your NI record through benefit credits, and some credits, such as those for periods when you were eligible for Child Benefit or Carer’s Allowance should be applied automatically, so it’s worth checking for any errors,” she added.

“Voluntary contributions can also help, and most gaps can usually be backdated for the previous six tax years.”