She said: "Today, on average, married men’s pensions pots are five times’ married women’s, with pensions dependencies between the sexes expected for many years to come.
"Changes in our work-life patterns, the rise in cohabitation combined and increasingly fragmented family structures means that modernising pensions is a must."
Sian Fisher, CII’s chief executive and chairwoman of the Insuring Women’s Futures committee, said "women’s lives and freedoms have changed for the better, yet society’s expectations of women have not".
She said: "By 2020, 12m people will be above the state pension age and, of these, there will be a million more women than men. Insurance and financial planning have a central role in supporting people to manage their financial risks in life.
"The findings in this report show there is much to be done to improve women’s pensions and financial resilience generally.
"In conjunction with our Market Task Force Manifesto, Insuring Women’s Futures calls upon government policymakers, regulators, the legal, insurance and personal finance and wider financial services profession to unite with society to realise positive change to create a sustainable retirement for all."