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Half a million UK retirement plans shattered overnight as pensions plunge
March 2, 2012
Hundreds of thousands of savers have had their retirement hopes dashed by the banking crisis and a crash in payouts on with-profits pensions.
Those reaching pension age now are getting £4,975 less a year than an identical saver who retired five years ago, Money Mail research has revealed.
They have been hit by a toxic combination of plunging payouts on with-profits pensions, and a fall in annuity rates — which turn pension savings into an income for life.
The worst-performing fund, Britannic, has delivered a payout of £73,612 for someone who has saved £200 a month for 20 years. This buys an annual income of just £3,861 for a 65-year-old man retiring today.
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