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Huge inequality in UK’s retirement income, new analysis shows

A person residing within London’s City receives an average retirement income three times as big as that of people living somewhere in central England, as newly analyzed official data showed huge gaps across the country.

HM Revenue & Customs’ analysis made public recently revealed that around 1,000 residents of the City of London, with the Barbican estate included, get a yearly pension income of £37,900 on average.

Thus London’s City is the highest on the list, however, the last income but one is found in the area just a few miles away. That is Barking and Dagenham borough, where the amount of pension income constituted £12,800 on average.

The lowest pension income was registered in the city of Stoke-on-Trent, with the figure of £12,300. The data showed huge inequality in retirement incomes even within one region, said Royal London, insurance and pensions company.

In case of pension incomes, it is not just a question of north-south divide, pointed out Helen Morrissey of Royal London, considering that the highest 10 local authorities with the biggest pension income are in London and the south-east, and 3 of the authorities with the least income are as well in London and the south-east.

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