The UK's combined defined contribution pension savings have rebounded by more than £103bn since this time last year, Aon Consulting says.
The consultant says the total value of DC assets stood at nearly £505bn at the end of November, compared with £402bn the same time last year. It was also up £16bn compared to the end of last month.
Aon also says combined savings fluctuated throughout the year from a year-low of £344bn in March to a high of £518bn in October
Aon Consulting senior consultant Richard Strachan explains: "It's been another rollercoaster 12 months for UK workers. The nation has seen its combined savings fluctuate from a year-low of £344bn during March to a high of £518bn during October."
He also says insurance companies had cut annuity rates, but ongoing fluctuations within rates had added confusion for the average worker trying to decide when to retire.
Strachan adds: "A 65-year-old looking to retire can now expect to receive an annual income of approximately £8920, which is more than 20% higher than the £7275 they would have received in November 2008.
"If the same pensioner had retired in February, though, they would have received an annual income of just £6460. Such fluctuations continue to demonstrate the uncertainty facing British workers, leading to understandable apprehension.
"With this unprecedented volatility, it is no wonder that people feel their decisions about retirement are like throwing a dart at a map. At this point in time, sponsoring employers should be making every effort to help staff to review their existing provisions."
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