UK - Personal pension payouts are now half that of six years ago, a survey by financial statistics provider Moneyfacts shows.
It found that an individual with a personal pension retiring today could be 50% worse off than someone who made the same contributions but reached retirement six years ago.
Moneyfacts spokesman Richard Eagling explained: “Today, the best standard annuity, provided by Prudential, would produce a yearly income of £7280 from the same pension pot – a 32% fall.”
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Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point