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Pension Payouts Fall to Record Low
14/09/2011
Pension payouts have dropped by 20% over the last 3 years. This reduces the income of someone who has a £100,000 pension by £1,600 - £25,000 over the length of a typical retirement.
In the long term this drop is even larger. The same pension pot is buyint less than half the income now than it was 20 years ago. A man who retired at the age of 65 years in 1990 could have bought an income of £15,640. In today's terms this income would be £6,201.
Hargreaves Lansdown have reported that this is the lowest rate on conventional annuities since the modern annuity was established in the 1980s.
This drop affects individuals approaching retirnement with a personal or work pension. It does not affect those who have final salary pensions.
Homeowners aged over 55 years who are concerned about their pension and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.
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