Yorkshire pension pots ‘below average’

Published: Friday 15th January 2016 by The News Editor

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People retiring in Yorkshire this year will have less to live on than the average Briton, figures suggest.

Prudential claims retirees across the region can expect to have £16,300 a year, up 9% compared to those who called time on their careers in 2015.

But it is below the UK average of £17,700, which is £700 higher than last year – representing the third annual increase in a row.

The survey asked people how much money they will have coming in from all of their pensions, including the state pension, and any savings or investments.

Even though nationwide expectations have increased this year, retirees will still be around £1,000 a year worse off than those who retired in 2008, when the typical expected income was £18,700.

“The third consecutive year of growth in expected retirement incomes is very welcome and underlines increasing confidence among retirees, possibly driven by the introduction of pension freedoms,” says Vince Smith-Hughes, a retirement expert at Prudential.

“Pensioners are however still playing catch-up with the expectations of those who retired before the financial crisis.”

Copyright Press Association 2016

Published: Friday 15th January 2016 by The News Editor

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