The latest Pensioner Income Series data published by the government has served to highlight the need for people to take more responsibility for building their own retirement income rather than relying on State support, pension experts have argued.
According to the Department for Work & Pensions' Pensioner Income Series report, pensioners received £296 per week on average in 2015/16 - compared with £258 in 2005/06. The report revealed almost all (97%) of pensioners receive the State Pension but the percentage receiving income-related benefits fell from 34% a decade earlier to 25% in 2015/16. Over the same period, those receiving income from workplace pensions rose from 59% to 62% and those receiving personal pension income rose from 12% to 18%. Just group communications director Stephen Lowe said the figures showed older people ...
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