news Financial education Financial wellbeing Pensions Pensions
Average southern pension pots almost double those in the north
By Jessica Bird	 9th May 2018 10:47 am 9th May 2018 6:23 pm
The average yearly pension income across the UK is £21,441, but this figure is far from evenly split among the various regions, according to research by online pension manager PensionBee.
Its report, which surveyed 5,098 UK employees, also found that the south-east had the highest average pension size within England, at £28,183, with the north-east at the bottom of the list, at £14,513.
England and Scotland have the highest average pensions, at £21,730 and £21,482, respectively. Wales and Northern Ireland sit below them, with £15,473 and £14,796 each.
In Greater London respondents have an average of £9,990 more than those in the north-east, with an average pension size of £24,503.
The research also found that the difference in size of pension pots does not directly correlate with contribution, because 40% of those in Wales contribute every month, placing it at the top of the list for propensity to contribute.
Meanwhile, the most sizeable contributions to pension pots are being made by those in Northern Ireland, at an average net monthly contribution of £310.
In England, the east midlands is at the lower end in terms of the the UK average, with a yearly income of £15,531, and sits at the bottom of the list of contributions, averaging £98 per month. However, people in that region can expect to live on 33% of their current salary. This is second only to the south-west, with 34%. In comparison, those in Greater London should expect to live on 22% of their current salary, placing it at the bottom of this list.
Romi Savova, chief executive officer (CEO) of PensionBee, says: "The data clearly shows that the most important part of a pension is how much you put in. The government has made it attractive to save and as an industry we need to do the same, by improving customer service and embracing technology. We're passionate about taking the lead on this and closing the pension gap across the country."
FTSE 350 defined benefit pension deficit falls to £53bn
4th May 2018 11:17 am 4th May 2018 11:17 am
TPR to appoint enforcement officers to seize assets for pension non-compliance fines
Poll: 55% think more employers will offer collective DC pensions after Royal Mail
3rd May 2018 6:27 pm 4th May 2018 11:29 am