Shrinking pension pots become cause for concern

Pension pots are shrinking at a worrying rate leaving 65-year-old people with less than half the money they need to fund an adequate standard of living. The figures, calculated by employee benefits company Aon Consultancy, show that the annual average pension income now stands at £7,666 - the Joseph Rowntree Foundation currently recommends that pensioners need an income of £14,400 to live a settled retirement life. Richard Strachan, senior consultant at Aon, said: "Though we have seen some improvement to economic circumstances in the past six months, pension pots are in only marginally better shape than this time last year and due ...