Pensions - Articles - Highest average pension pot is less than £90,000


There is a clear North-South divide with pension fund sizes: all of the top 5 are in the South East and 4 of the bottom 5 are in or above the Midlands.

 Portal Financial, has analysed the pension savings of almost 15,000 of its customers and created an interactive map - - detailing the average pension by county and major towns.Surrey residents top the retirement savings index with an average pension fund size of £87,947.
  
 In comparison, the average pension across the whole of England is £63,387.
  
 Top five counties with largest pension pots, on average:
 • Surrey - £87,947
 • Hertfordshire - £87,882
 • West Sussex - £84,036
 • Middlesex - £83,406
 • Kent - £81,571
  
 Bottom five counties:
 • County Durham - £48,741
 • Cleveland - £48,711
 • Nottinghamshire - £48,509
 • Worcestershire - £47,882
 • Avon - £34,870
  
 Jamie Smith-Thompson, managing director of Portal Financial, says: “It is interesting to see the saving habits of people across the country, and research into what prompts people to save would be useful. It is currently clear that many savers have fairly modest pension pots that are likely to be insufficient when they retire if they do not have other sources of income.
  
 “If the so-called Northern powerhouse were to release the concentration of wealth in the South East to the rest of the country, it could boost the retirement prospects of millions of people. Similarly, the chancellor may announce a flat-rate tax relief which could benefit basic-rate taxpayers and this could further increase the value of pensions for people who traditionally would have relied on smaller funds.”
  

Back to Index


Similar News to this Story

Highest earners miss out on billions in unclaimed tax relief
Analysis by PensionBee, has found that over 1.5 million of the nation’s highest earners failed to claim an estimated £810m in tax relief in the 2018/1
Autumn Budget bucket list for pensions and savings
Commentary from Steven Cameron, Pensions Director at Aegon, which lays out Aegon’s bucket list for pensions and savings and ‘levelling up’ measures ah
Third of DC pension members unaware of tax free withdrawals
Over a third (38%) of DC pension members at pre-retirement age (aged 50-65), remain unaware of their tax free pension allowance, while a third (32%) b

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.