Fifth expect to retire on less than £10,000 a year

The figure, up from 11% in 2009 and 9% the previous year, means retirees in 2010  expect to be £1,270 a year worse off than their 2009 counterparts, and £2,154 poorer than the 2008 group. Average annual incomes for those retiring this year are £16,509 compared to £17,779 in 2009 and £18,663 in 2008, with expected incomes 7% lower than in 2009 and 11.5% down on 2008, according to Prudential's Class of 2010 study. The shortfall creates a £3.49bn hole in this year's pensioners pot, compared to last year, Pru's figures suggest. The study, based on a survey of 1001 people over 45 year...