DB payouts to peak in 2012

Analysis from the department suggests average annual payouts will hit £7,100 this year, before dropping below £4,000 in 2034 and will be down to £2,400 by 2060. Pensions minister Steve Webb said the figures marked a significant shift in pensions saving and demonstrated the importance of making auto-enrolment work. "With payouts peaking this year, final salary schemes closing and figures that show that only 38% of working-age people are saving into a private pension, it is clear that we are facing a different world in pensions," he said. "That is why our workplace pension reforms ar...