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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | April 2009 (9 blogs) | A worrying set of pension facts
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A worrying set of pension facts
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According to a survey from Prudential, ‘A total of 2.76 million women and 3.96 million men are expected to retire in 2009, with the average adult in Britain retiring at 58’. That’s a truly staggering fact. Indeed when taken together with ONS figures (albeit from 2006) which show that the number of economically active people is expected to reach 32.1 million in 2020, (equivalent to an increase of 6.7% from 2005), it represents a significant proportion of the population in the UK.
Of great concern is the cavernous gap between retirement income for men and women. As Pru’s figures reveal:‘…women who retire this year will have an average annual pension of £13,671, compared to £20,313 for men. It means women will retire on £6,642 less a year than their male counterparts.’
I believe we can expect these income figures to reduce dramatically over the next couple of decades as the switch from final salary schemes to money purchase schemes will see waves of people retiring on pensions well below their original expectations. See
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Mike Jones, MyCompanyPension.co.uk Ltd, April 8th 2009
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