Pension income stalls over eight years
29th March 2019
Pensioners have seen very little change to their income in the past eight years, according to recent statistics from the Department for Work and Pensions.
The average income for individuals over state pension age was £304 per week in 2017/18, showing a slight drop since 2009/10, when it stood at £307 per week.
This follows a series of increases since 1994/95, at which point the average pensioners' income stood at £161 per week.
The data also shows that income from private pensions is on the rise, having increased from 62% to 67% in the past 20 years, while income from occupational pensions stayed the same over that time.
Helen Morrissey, pensions specialist at Royal London, said:
"As final-salary pensions continue to decline, there is a risk that pensioner incomes will stagnate unless more is done to make sure that those who are in work are saving more towards their retirement.
"Rising prosperity among the elderly cannot be taken for granted."
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