Half a million people face £10,000 annual pension shortfall

According to Friends Provident the average Britain thinks they will need between £20,000 and £24,000 a year to live the lifestyle they want in retirement. But the amount they realistically anticipate receiving from their pension is around £10,000 to £12,000. For the 612,000 people due to retire this year according to the Department for Work and Pensions this may mean a total shortfall of £6bn for each year of their retirement, says Friends Provident. Friends Provident says the pension shortfall is causing people to work longer with 44% of those surveyed saying they ideally wanted to re...