Ship Equity Release: Base rate cuts hit pensioners hard

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Ship Equity Release: Base rate cuts hit pensioners hard

Research conducted by Ship Equity Release has revealed that the cuts in the Bank of England's base rate over the last six months have hit pensioners hard, leaving many of them considerably worse off.

The company conducted a survey which found that in April last year the average pensioner enjoyed a monthly income of £158 from interest on their savings if they kept the money in a base rate tracker account.

However, since April 2008, single pensioners have seen their savings income dwindles to just £16 per month and pensioner couples have seen it fall to £32.

Andrea Rozario, director general of Ship, said: "Many pensioners have saved their whole lives with the expectation that they can use income from this capital and the state pension to fund a comfortable retirement."

Recently, the charity Age Concern called upon the government to introduce more economic measures targeted specifically at pensioners.

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