ONS notes changing retirement income trends
29/01/2010
Topic: Tax
Annuity products and occupational pensions appear to be having a larger influence on people's retirement income, new statistics suggest.
According to figures published by the Office for National Statistics (ONS), only 18% of the average retiree's gross income was made up by these sources of finance in the year 1977.
However, in the 2007/2008 period, the ONS reports that this figure had gone up to reach a level of 36%.
Meanwhile, the organisation has noted that the amount of older people's income provided by the state pension stood at an average of 37% in 2007/08, down from the 53% seen 33 years ago.
The ONS has also suggested this week that it is likely that as many as two million pension holders may have had to face up to the prospect of poverty during the 2007/08 period.
Consumers were recently advised by Rockingham Retirement to research the annuity options that are available to them.
Posted by Liam Tomlinson.
According to figures published by the Office for National Statistics (ONS), only 18% of the average retiree's gross income was made up by these sources of finance in the year 1977.
However, in the 2007/2008 period, the ONS reports that this figure had gone up to reach a level of 36%.
Meanwhile, the organisation has noted that the amount of older people's income provided by the state pension stood at an average of 37% in 2007/08, down from the 53% seen 33 years ago.
The ONS has also suggested this week that it is likely that as many as two million pension holders may have had to face up to the prospect of poverty during the 2007/08 period.
Consumers were recently advised by Rockingham Retirement to research the annuity options that are available to them.
Posted by Liam Tomlinson.
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