People should join workplace pension schemes as soon as they join a new job and should pay the maximum that they can afford, but the old employer's pension scheme should not be abandoned as most pensions can be consolidated, LEBC stated.
There are also various allowances, such as the marriage allowance, and tax reliefs which can boost pension pots.
The guide advised women to shop around when deciding what to do with pensions savings, whether this be putting them into an Isa or a pension scheme.
Annual pensions can be up to 8.34 per cent more for a healthy person, 17.17 per cent for smokers and 50 per cent more for those in poorer health, according to LEBC's Annuity Market Review, published in November 2018.
LEBC also reminded individuals that they must take tax into account when drawing their retirement income. Drawing a large amount in one go increases the tax liability and leaves less in funds in the scheme.
amy.austin@ft.com
