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Pension gap marked between classes
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PostPosted: Tue Sep 28, 2010 11:59 am 

Joined: Tue Mar 10, 2009 1:21 pm
Posts: 1457
Location: Hampshire
The biggest gap between the pension people hope for and what they are realistically likely to receive is among people on low incomes, research has suggested.

Consultancy firm Hymans Robertson said the average person in the DE social class hopes to have an annual income of £16,166 from their pension, but they are on track to receive just £8,608.

Meanwhile an average worker hopes to receive £18,793 but is projected to receive £15,577.

But surprisingly, people at the top end of the income scale also face one of the biggest differences between their desired level of pension and the amount they are likely to receive, with those in the AB social class hoping for £22,111 a year, but on track to receive £17,221.

Women are also facing a savings gap which is more than twice the size of the one men face, at £5,256, compared with £2,069 for men.

The group found that while 47% of people said an individual should be primarily responsible for making their own retirement provisions, 28% thought most of their retirement income should come from the state, rising to 59% of people in the DE social class.

More than half of people also expected the state to look after them financially if their pension did not provide them with enough to live off.


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