Historically, it’s clear that the gender pay gap has much to answer for when it comes to the reasons why the gender pension gap exists – but there are other factors at play, too.

“Women’s financial lives differ greatly to men’s,” says Leiper. “Their working lives don’t always follow a linear pattern, and this disruption is intrinsically linked with the gender pension gap.”

The report highlights women working fewer hours across our working lives and not always qualifying for a state pension as key drivers, plus the fact that we tend to save less into personal pensions and other savings than men – a statistic that’s particularly stark for young women, with just 38% of women aged 18 to 24 investing (in stocks and shares, property, government bonds and other assets) compared to 55% of young men.

Added to this, men tend to have separate financial plans to their partners, which may not be fairly distributed in the event of a divorce or family breakdown.

It’s clear that there are systemic failings at play, too. Until 2012, women were not automatically enrolled into company pension schemes, while the lower-earnings limit on pensions and the age requirement for drawings adversely affects women, who are more likely to be employed in lower-paid roles, part-time jobs or be self-employed.

“Women are more likely to be the ones who take time out of work to care for children, or older relatives, and are more likely to work reduced hours, part-time, or be self-employed as a result,” acknowledges Leiper. “All of this impacts how much women earn, and how much they put away for the future.”

New research reveals the UK is still 20 years away from closing the gender pension gap – but what does this mean for our financial future?