Pensioner households need at least £20,000 a year in income
State pension will only cover just over half even after next year’s inflation-linked increase. Biggest costs are food, energy and house bills, transport, and recreation – but costs drop once you hit 75. Our analysis of government data shows that pensioner households need a basic £20,000 a year in income for a comfortable retirement but...
Retired households take a 15.4% direct tax hit on their income
Retired people contribute more than £57.22 billion a year in direct taxes. Tax rate for least well-off households is 29% compared with 22% for the most well-off, our analysis shows. Retired households are paying an average tax rate of 15.4% a year on their income each year, according to our latest analysis.* Their average bill...
Self-employed three times more likely to not pay into pensions
More than two out of five self-employed don’t contribute to a pension compared with employees Our latest research* shows that self-employed workers are nearly three times more likely to not be paying into pension funds compared with employees. The nationwide study found 44% of self-employed workers are putting their retirement at risk by not contributing...
One in three ‘worry they may have lost pension funds’
More than 5.5 million workers have three or more pension funds. Consolidating pension funds can reduce fees and save administration time. Our latest research shows nearly one in three pension savers worry they have built up funds they have lost or forgotten about after changing jobs. The nationwide study found around two out of five...
Retirement savers struggle to consolidate pension funds
Our latest research* shows that pension savers with multiple funds are struggling with consolidating pensions into one fund which could potentially reduce annual fees and save time on administration. More than one in 10 (11%) pension savers with multiple schemes have tried to consolidate funds and failed while nearly two out of five (38%) admit...
