Retirement: Pensioners are £100 billion in debt

A new survey has found that pensioners owe a staggering £96.4 billion in personal debt. The research, conducted by Annuity provider MGM Advantage, shows that the average pensioner has personal debt of £8,120 and that 40% of the retired population are in debt. Debts over £100,000 Men carry the highest amount of debt, owing on average £9,000 compared to the average debt for women of £7,350. A large number of retirees, 2.5 million, have relatively small amounts of debt of less than £5,000, but over 180,000 pensioners worryingly owe over £100,000. Alarmingly over 500,000 pensioners don’t know whether they are in debt or not. Reasons for ...

Local government pension shortfall could have doubled to £100 billion

The pensions deficit has grown massively according to new research. Pension debt has soared to new heights. The Local Government Pension Scheme deficit in England may have doubled in size to £100 billion over the last three years if new research is to be believed. A report conducted by independent pension consultant John Ralfe found that the shortfall could be as high as 7% of the UK's annual economic output. Three years ago the deficit totalled just £42 billion highlighting how fast the debt has accumulated.