Pensions this year will be 'significantly lower'
People planning to retire in 2009 can expect to receive £2.87 billion less collectively in their pensions than those who retired last year, according to a survey from Prudential.
The worsening economic climate means the pressures facing pensioners will increase further still, with fewer than half of those surveyed believing they had adequate funds for their retirement.
The survey also finds that retiring women will suffer more than their male counterparts, with 12 per cent of women expecting an income lower than £10,000, compared to nine per cent of men.
Prudential's director of lifetime mortgages Keith Haggart urges those nearing retirement to review their options, suggesting they "should talk to a financial adviser who can help them review all their assets and savings to see how they could be used to maximise income".
The news follows a campaign from the Liberal Democrats earlier this year, when the party urged the government to guarantee the Pension Protection Fund (PPF) in order to provide greater security to the assets of older people.
Related Stories
This news is available in 