Women set to receive larger State Pensions than men from next year

From next year, women will begin to receive a larger State Pension than men in a major reversal of payouts.

Men have received a bigger payout from the government than their female counterparts ever since the old state pension was introduced in 1948, due to men generally earning higher salaries while women stayed at home to look after children or relatives.

But the gap between salaries has continued to close and a new state pension system, introduced in 2016, was designed to help this.

10 years on and this system has succeeded in doing so.

According to figures shared by the Department for Work and Pensions, women who started receiving the state pension for the very first time this year are only 36pm behind men each week on average, adding up to a total of £18.72 per year.

Women could begin receiving higher State Pension payouts than men (Getty Stock)

In contrast, the gap is estimated to be £1 per week for those who retired one year ago, while men who retired five years ago and are now age 71, are believed to get £322 more than women of the same age each year.

Each year, the gap has narrowed - and it'll soon be non-existent.

The new system was designed by Sir Steve Webb, who was the Minister of State for Pensions in the 2010 coalition government of David Cameron.

Outlining the idea behind the system, Webb said it aims to 'treat me and women equally' and remove the assumption that bed were the 'main breadwinners and women would be financially dependent on them'.

But closing the gap could create a new one.

"I firmly expect women to overtake men for the first time in the coming months," Webb told MailOnline.

The pension system now benefits both men and women (Getty Stock)

Pension rules have been adapted over the years to benefit women as well as men.

Since 2010, anyone who spends one year at home with a child can claim a full qualifying year towards a full state pension, with each individual needing a full 35 years of contributions to claim.

Before this rule change, women had often lost out on the full state pension due to have gaps in their National Insurance record, usually because of raising children.

Pensioners today receive one of two state pensions, with those who reached state pension age before April 2016 getting the basic state pension plus any earnings-related top-ups that they've built up throughout their working life.

The basic state pension pays up to £184 per week.