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Average Pension

  • My financial life: why I have to work in retirement

    By Michelle McGagh | 23 Mar 2012

    ... ‘It definitely helps financially because we haven’t got big pensions and working
    has allowed us to do the things we want to do,’ says Sylvia. ...

    Sylvia Glover has worked consistently since retiring nine years ago and believes older people have a lot to contribute to society.

  • End of 'contracting out' could put your retirement income at risk

    By Michelle McGagh | 02 Apr 2012

    ... Contracting out, which will be abolished from 6 April, allowed those paying into
    a final salary or career average pension scheme to divert a proportion of ...

    Changes to pension legislation that will abolish ‘contracting out’ could leave some people at risk of running out of funds in retirement.

  • How to boost your pension in retirement

    By Michelle McGagh | 04 May 2012

    ... When income from company, private and state pensions are added together, the average
    pension income is £15,500 a year, according to Prudential. ...

    As people live longer, many are finding their pension insufficient to meet their needs. Here are some ways you can supplement your income.

  • NAPF calls for career average public sector pensions

    By Daniel Grote | 22 Dec 2010

    The National Association of Pension Funds has called on John Hutton to recommend
    a career average model as part of his review of public sector pensions. ...

    The National Association of Pension Funds has called on John Hutton to recommend a career average model as part of his review of public sector pensions.

  • Pensioners shoulder average personal debt of £8,180

    By Michelle McGagh | 29 Mar 2012

    ... Rising living costs and lack of pension savings are pushing more retired people
    into debt, with the average retiree now shouldering £8,180 of personal debt. ...

    The average UK retiree now shoulders £8,180 of personal debt, and worryingly 178,000 retired people owe more than £100,000.

  • Savings: how your employer can help you get an ISA

    By Michelle McGagh | 27 Feb 2012

    ... 'The average pension pot we deal with is £45,000 which is slightly higher
    than the average pot which is £30,000,' he said. 'We ...

    Employers offer a number of perks, of which arguably the most beneficial is a pension, but you could reap even more benefit from a workplace individual savings account (ISA).

  • Pension auto-enrolment could spark 'next scandal'

    By Michelle McGagh | 11 Oct 2012

    ... up claims regarding pension charges and seems to ignore the recent Department for
    Work and Pensions’ research which shows that average pension charges for ...

    Companies that enrol staff into high-charging pension schemes could spark the next wave of mis-selling, a new report claims.

  • Gulf between pension schemes continues to grow

    By Michelle McGagh | 05 Apr 2012

    ... After 30 years the DB scheme member would be entitled to an index-linked pension
    based on 50% of final pay, or £13,000 for someone on an average pension. ...

    Workers saving into defined contribution pension schemes have to save 10 times more than colleagues in defined benefit pensions.

  • Can £750bn of property wealth avert a pensions crisis?

    By Michelle McGagh | 16 Jul 2012

    ... average retiree receives. Stephen Lowe, group director of external affairs and customer
    insight at Just Retirement, said there was a huge gap between pension ...

    Funding longer retirements and hefty long-term care bills means more pensioners will be forced to look at making their property pay.

  • Q&A: what is a 'defined ambition' pension scheme?

    By Michelle McGagh | 11 Apr 2012

    ... Public sector workers will be moved to a career average pension scheme, which means
    that instead of receiving the equivalent of up to two-thirds of their ...

    The government has set out plans for a new kind of company retirement scheme where employers and employees share the burden of pension saving.

  • Why retiring at age 68 isn't too late

    By Michelle McGagh | 08 May 2012

    ... When the basic state pension was introduced in 1948 the average person lived just
    two years in retirement – not a huge burden on the government or taxpayers. ...

    Public sector unions have launched a campaign against government plans to increase the state pension age to 68 but fail to take into account the burden faced by taxpayers.

  • Mortgage payments continue into retirement for 400,000 people

    By Michelle McGagh | 23 Aug 2012

    ... A total of 26% of 55 to 64-year-olds expect to have credit card debt in retirement
    averaging £2,453, 20% of people in the 45 to 54 age bracket think they will ...

    Figures show people are entering retirement with outstanding mortgage and debt on credit cards.

  • Hutton: pension reform is about fairness not cuts

    By William Robins | 29 Mar 2011

    ... environment in this area because if we move from final salary to career average
    it will remove some of the uncertainty and the risk away from pensions in this ...

    In an exclusive interview with Model Adviser® John Hutton says his public sector pensions review was never a cost cutting excercise.

  • What the chancellor has done to pensions and benefits

    By Lorna Bourke | 05 Dec 2012

    ... He also mentioned that the average annual contribution to a pension scheme is just
    £6,000 so the vast majority of pension savers will be unaffected by the ...

    Both benefit claimants and the wealthy have taken a hit in tax and benefit measures announced in today's Autumn Statement.

  • 50-year-olds need to double the amount they save

    By Michelle McGagh | 15 Jun 2012

    ... On top of the state pension MetLife calculated that an average 50-year-old would
    have to save a further £68,600 in order to achieve the £122,800 pension pot ...

    The average 50-year-old has only saved half of what they need to achieve a minimum standard of living in retirement. No wonder financial experts are calling them the 'Uncertain Generation'!

  • Retiring in 2035? You'll be poorest pensioners yet

    By Michelle McGagh | 23 May 2014

    ... the best annuity rate you need to save £200,000 to provide that but the average
    pension pot is just £40,000 so the average saver is short [of the target].’. ...

    Pensioners have benefited from increasing wealth for 60 years, until now.

  • Can your property replace the need for a pension?

    By Michelle McGagh | 15 Mar 2012

    ... The majority of people, 40% of all respondents, wanted to achieve a £30,000 annual
    income in retirement but the average pension pot sits at around £25,000 ...

    A decade of rising house prices means many people have most of their wealth tied up in their home. So can property fund your retirement?

  • Poor pension cover drives down average age of equity release

    By David Campbell | 02 Aug 2007

    ... has reported. Poor pension cover drives down average age of equity
    release. by David Campbell on Aug 02, 2007 at 09:03. ...

    The average age of homeowners using equity release schemes to free property wealth has fallen for the first time, specialist adviser Key Retirement Solutions (KRS) has reported.

  • Advised clients reap benefit with double-sized pension pots

    By William Robins | 16 Jul 2012

    ... The Value of Advice Report said those who take retirement advice have an average
    pension pot of £74,554 when they finish work, compared to £37,277 for those ...

    Taking financial advice can double the size of a pension pot but only 18% of the UK get advice, according to research by unbiased.co.uk and provider Standard Life.

  • The homeowners walking into a pension crisis

    By Michelle McGagh | 05 Sep 2012

    ... Impending pension crisis. With the average age of a first-time buyer standing at
    29, according to Nationwide, and the average mortgage term 28 years, you don ...

    With people buying their first property later, pensions are being overlooked – so what should homeowners do?

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