- Infowars - http://www.infowars.com -
Half a million UK retirement plans shattered overnight as pensions plunge
Posted By kurtnimmo On March 2, 2012 @ 5:25 am In Economic Crisis | Comments Disabled
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.
Article printed from Infowars: http://www.infowars.com
URL to article: http://www.infowars.com/half-a-million-uk-retirement-plans-shattered-overnight-as-pensions-plunge/
Copyright © 2013 Infowars. All rights reserved.