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...

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

Warnings of 'damaging' pre-Budget pension speculation impact

Warnings of 'damaging' pre-Budget pension speculation impact

Commentators say speculation on pension issues has negatively impacted saver confidence

Jasmine Urquhart
clock 27 November 2025 • 3 min read
No change to tax-free lump sum is 'welcome' move

No change to tax-free lump sum is 'welcome' move

The chancellor chose to leave the tax-free lump sum unchanged in the Autumn Budget

Holly Roach
clock 27 November 2025 • 3 min read
Budget 25: Pensioners caught in frozen threshold tax trap see 'small bills' written off

Budget 25: Pensioners caught in frozen threshold tax trap see 'small bills' written off

‘Absurd situation’ caused by frozen thresholds and triple lock commitment

Jenna Brown
clock 26 November 2025 • 3 min read