Average personal pension income falls to £939 per year

Income from workplace pensions also fell last year to £10,140 per year, a drop from £10,244 in 2020/21. As a result, the total income received from personal and workplace pensions last year was £11,079. Bowmore Financial Planning stressed that the data is "concerning" as pensioners are struggling financially due to cost-of-living crisis. This meant many retirees had to return to work in 2022, as the number of over 65s in employment more than doubled from 5.3% to 11.9%. Bowmore Financial Planning suggested that workers should contribute regularly to their personal pensions. Manag...