Pensions - Articles - Comment on impending State Pension increase

Emma Byron, Managing Director, Legal & General Retirement Solutions comments on the impending State Pension increase:

 The State Pension will increase by 2.5% in April, providing an increase of a couple of hundred pounds a year, thanks to the assurances of the triple lock. However, with the revised State Pension now at £179.60 a week for people on the new single tier, we know that it still doesn’t meet what most people will need in terms of a retirement income.

 The Department for Work & Pensions recently released data which showed that the average single pensioner has an income which is 28% higher than the State Pension (£231). In order to achieve this level of income or indeed, an even more comfortable retirement, people will have to ensure they have built up an adequate pension pot of their own and consider how other assets, such as their property wealth, might play a part in boosting their funds.

 To help people better understand how these options work together, Legal & General has a free online course with The Open University, setting out a series of stepping stones to a financially secure retirement.”

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