Millions hit as pensions shrink by £3,000 in just four years
due to record low annuity rates
Workers who retire this year can expect their pensions to
be £3,000 less than they would have been in 2008.
Big falls on the stock- market and record low annuity
rates - which determine the annual income savers can buy with
their pension pots - have wreaked havoc with the retirement
plans of millions.
A report from the Prudential said those retiring this year
are banking on an average annual pension of £15,500 - £3,000 a year
less than those who retired in 2008 and more than £1,000 a year
less than last year.