Commenting on the Pensioner Income Series for 2015/16, Steve Webb, Director of Policy at Royal London said:
“These startling new figures challenge the notion that pensioners will inevitably get richer and richer. Pensioner incomes in 2015/16 were no higher than a year earlier and newly retired pensioners were actually less well off than the year before. In addition, more than half of all pensioners get the majority of their income from state pensions and benefits.
“Whilst there are clearly some pensioners who enjoy good company pensions and have benefited from house price inflation, there are clearly also many who are not in such a fortunate position. Any change to policy on state pensions need to take full account of the diversity of experience of pensioners in Britain today, and not simply assume that pensioner living standards will keep on rising.”
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Notes to Editors:
- The latest Pensioner Income series can be viewed at: https://www.gov.uk/government/statistics/pensioners-incomes-series-financial-year-201516
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.