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15-Apr-08 10:15 [Research]
Pensioners' incomes fall as savings decrease Almost two-thirds of married pensioners have a combined income of less than £10,000, according to a new report.
Figures from the Office of National Statistics (ONS) have also revealed that half of all single pensioners are living off less than £6,000 a year and the figure could get worse as the number of people saving into a pensions scheme decreases.
Joe Harris, the general secretary of the National Pensioners Convention, said: "For years, successive governments told us it was OK to keep the state pension low because private company pension schemes would ensure that everyone had a comfortable income in retirement. But these figures prove that was a myth".
In 2005-06, only 39 per cent of people who were at a working age were paying into a private pensions scheme, meaning the problem could worsen.
Around two-thirds of retired people in the UK do have a private pension but for many of them the income they get from it stands at less than £1,000 a year.
Earlier this month research from Prudential revealed that the amount people in the UK were contributing to their pensions scheme has halved over the last 12 months.
A recent survey has found that private sector employers are predicting a median pay award of 3.5 per cent in 2009.
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