Pension savings make up less than two-fifths of retirement income

Figure drops to less than a third for single pensioners

Isabel Baxter
clock • 1 min read

Pension savings make up less than two-fifths of retirement income on average with that dropping to less than a third for single pensioners, according to analysis by iSIPP.

The pension provider's analysis of the latest government data showed average incomes before tax are around £30,570 for pensioners, rising to £41,130 for couples and dropping to £20,120 for single pensioners. However, just 36% of the income before tax - around £11,100 - is provided by pension saving whether from personal or workplace pensions. Benefits including the state pension make up a bigger proportion of incomes at 44%, iSIPP's analysis showed. Investment income contributes just over £2,100 year to average incomes while earnings on average amount to more than £3,800 a year across...

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