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Survey reveals falls in pension expectation

Pensioners now have lower expectations for their retirement income, according to figures from a recent survey.

The CoreData Research Pensions and Retirement 2012 report reveals that UK pensioners expect to retire on £18,000 per year. This figure is just £2,400 more than the minimum income standard defined by social policy research and development charity, the Joseph Rowntree Foundation.

While retirees previously expected to survive on £2,329 per month in 2010, this figure has dropped considerably in the last two years to reach £1,503 per month by 2012.

Craig Phillips, principal of CoreData Research UK, said: “The drastic drop in the forecasts of how much money people think they will need suggests that the days of overblown extravagance are over and people can be considered to be now more realistic about the lifestyle they will be able to afford in retirement.”

Those over the age of 30 and under the age of 60 forecasted that they would need between £1,400 and £1,500 per month to live on, while those nearing retirement felt that a figure of £1,700 was more appropriate.

According to forecasts in the Department for Work and Pension’s (DWP) Workplace Pension Reforms: Baseline Evaluation Report,median average private pension income could climb to between £153 and £195 a week by 2070 as a result of automatic enrollment.

The DWP has argued that without the reforms, set to come into effect from October, average weekly private pension income would only reach a figure of between £86 and £106 by 2070.


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