Commenting on today’s statistics showing disposable income for retired households has increased at a faster rate than for non-retired households Helen Morrissey, pension specialist at Royal London, said:
“Today’s statistics show the important role that private and occupational pensions have played in safeguarding the incomes of today’s retirees. But the decline of final salary pensions and low levels of contributions into newer pensions means the improvement in pension incomes could go into reverse without government action. This should include driving up pension contribution rates and widening the scope of the policy to include groups such as the self-employed.”
Notes to Editors
Household Costs Indices, UK: second preliminary estimates, 2005 to 2018 can be found here.
About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.