Two-thirds of retirees risk running pension pots dry - Standard Life Aberdeen

Class of 2021

Jenna Brown
clock • 3 min read

Two-thirds of people set to retire this year run the risk of not having enough pension savings to sustain their desired level of income, according to a report from Standard Life Aberdeen.

The provider's Class of 2021 report found retirees plan to spend an average £21,000 a year, which is about £10,000 below the average UK household income of £29,000. However, when assessing their pension pots, and adding in expected state pension income, analysis showed that two-thirds (66%) run the risk of running their pots dry if they spend the full £21,000 a year. The average value of a Class of 2021 pension pot was £366,000 - but a third (33%) said they had pots below £100,000 saved. Some 2,000 people were surveyed for the study in February this year. Standard Life Aberdeen ...

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

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Reeves to consider £2bn raid on tax-free pension lump sum

Reeves to consider £2bn raid on tax-free pension lump sum

Telegraph reports PCLS cut could help plug £50bn public finances hole

Jonathan Stapleton
clock 21 August 2025 • 3 min read
State pension age review: Govt launches call for evidence

State pension age review: Govt launches call for evidence

UK faces long-term demographic pressures

Jenna Brown
clock 18 August 2025 • 2 min read
'Barriers are institutional, not technical': Industry split over ten-day pension switch proposal

'Barriers are institutional, not technical': Industry split over ten-day pension switch proposal

After PensionBee calls for a legally enforceable transfer guarantee

Sahar Nazir
clock 18 August 2025 • 2 min read