Retirement incomes hit five-year low

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Retirement incomes hit five-year low

The expected amount that individuals heading into retirement will receive from their pension pots has fallen to a five-year low, new figures have shown.

According to data compiled by Prudential, the expected annual income figure for those retiring in 2012 stands at £15,500 - 16 per cent less than levels seen in 2008 and six per cent (the equivalent of £1,000) down on 2011.

Vince Smith-Hughes, Prudential's retirement income expert, said: "The impact of the credit crunch, banking crisis, recession, and concerns over the eurozone has been reflected in the fact that expected retirement income levels have hit a five-year-low."

He added that there are things those planning to retire this year can do to boost their pension pots, including seeking professional financial advice on annuities before taking the plunge.

The news follows data from the Department for Work and Pensions, which showed fewer Brits are putting money aside for the pensions, with just 38 per cent of workers regularly contributing towards retirement saving.

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