ONS

Trustees have been warned to keep a close eye on longevity assumptions as improvements to mortality rates resulted in 20,000 fewer deaths than expected last year in England and Wales.

Active membership of occupational schemes has fallen to its lowest level in almost 60 years, according to the Office for National Statistics.

Scheme liabilities could soar after the Office for National Statistics published updated longevity figures showing increases in life expectancy.

Narrowing Consumer Prices Index and Retail Prices Index inflation will save schemes switching to CPI just 60p a week for each scheme member, according to figures.

Pension savings suffer sharp drop

Personal pension contribution has dropped by a sharp 10% since 2007, according to the Office for National Statistics.

Price pressures across a number of areas forced UK CPI annual inflation up from 4.2% in June to 4.4% in July.

Increased longevity figures, as highlighted in a recent Department for Work and Pensions report, will dramatically increase pensioner poverty, MGM Advantage predicts.

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Low-earners are heading for poverty in retirement as official statistics reveal a significant drop in occupational scheme membership levels for men and women.