Retiring Londoners see biggest income drop The South West - which encompasses Devon and Cornwall - does not fair as badly, seeing falls of 35pc. Andrew Megson, managing director of retirement at Partnership, said that while people in retirement are likely to have fewer outgoings, it is still hard to imagine that anyone would not feel the pinch if they lost a third of their income over night. He said that even if pensioners were able to top up their income with savings and investments or part-time work, it is still likely to be quite a shock for many. He added: "In addition, many will have to stop working earlier than they intended because of health and lifestyle issues so may miss out on the opportunity to make additional financial provision and they are likely to find that the gap is even more profound. However, people can maximise their pension income by shopping around and finding out if they are eligible for an enhanced or impaired annuity. While this is important for all those approaching retirement, it is particularly vital for those who live in more "affluent" areas as if their provider uses postcode pricing they may find they are worse off."