Pension incomes at five-year low

People retiring in 2012 will have an average income of £15,500 per year according to Prudential's projected figures, compared with last year's average of £16,500 and 2008's £18,600, It said ongoing market turmoil and the banking crisis were among the main reasons for the decline. The research was based on a survey conducted in December 2011 of 9,614 UK non-retired adults aged 45 and over including 1,003 retiring in 2012. Prudential estimates that one in five retirees this year will have an income of less than £10,000 per year for the remainder of their lives. Londoners are likel...