The official UK pension incomes, as published by HM Revenue and Customs show a “shocking disparity” between regions, Royal London has argued.
According to analysis by Royal London, whilst the top 10 UK boroughs for pensioner income are in London or the South East, the bottom 10 also includes three boroughs in these regions.
The figures that look at the top and bottom 10 local authorities for pension income in 2015-16 highlight that at the top end of the scale, the mean pension income for those in City of London, Westminster and Kensington & Chelsea are £37,900, £29,500 and £26,700 respectively. However, Barking and Dagenham is among those at the bottom end of UK pension incomes with just £12,800 on average.
Stoke has the lowest average pension income with £12,300 and Hull slightly higher than the mentioned London boroughs with £12,900. Slough and Southampton in the south east are also among those at the bottom of the scale with an average pension income of £13,500 and £13,100, respectively.
Furthermore, in Scotland mean pension incomes ranged from £20,000 in Stirling to £13,900 in North Lanarkshire. In Wales mean pension incomes were measured from £18,700 in the Vale of Glamorgan down to £13,900 in Caerphilly.
Commenting on the figures, Royal London personal finance specialist Helen Morrissey explained: “When it comes to pension incomes, there is not a simple north/south divide. While all of the top ten local authorities are in London and the South East, three of the lowest income authorities are also in London and the South East.
“In addition, the other areas with the lowest pension incomes are scattered throughout the UK. It is clear that pension incomes across the UK are highly variable, with in some cases very prosperous pensioners living only a few miles down the road from those who are struggling. These figures show a shocking disparity in pension incomes.”
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