Average personal pension income falls to £939 per year

This is a 14.3% fall from £1,092 received in 2020/21

Isabel Baxter
clock • 1 min read

The average income received from personal pensions has fallen 14.3% to £939 per year in 2021/22, according to Bowmore Financial Planning.

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...

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