The Office for National Statistics (ONS), a key source of pensions data, says it drastically underestimated private pension income because of a computer error.
The latest chapter of its publication ‘Pension Trends’ published in April said pensioner couples received on average £2,115 a year from private pensions. However, the real figure is more than four times larger, at between £9,000 and £10,000 a year. The ONS has now apologized and withdrawn the chapter. It says the estimates are being re-calculated and will be re-published once checks have been carried out. It said the basic data for its most recent ‘Pensions Trends’ update was taken from a Department for Work & Pensions (DWP) survey in 2005/06. This provided weekly amounts for pensione...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes