New data from Salisbury House Wealth demonstrates how much of a “postcode lottery” the nation’s pension incomes are.
Assessed by parliamentary constituencies, The Midlands is home to six of the 10 areas with the lowest income. Of 650 constituencies, Leicester West had the lowest annual pension income, with an average of just £10,400, followed by Coventry North East £12,300. Glasgow North East comes in just slightly higher at £11,800.
London is home to seven of the top 10 areas with the highest average pension income: City of London and Westminster was the highest income constituency, with an average of £34,100, followed by Chelsea and Fulham (£31,700), then Westminster North (£27,300).
These were followed by: Wimbledon (£26,300); Mole Valley (£26,100); Richmond Park (£25,900); Hampstead and Kilburn (£25,700); Kensington (£25,100); Esher & Walton £24,700 and Guildford (£24,200).
Despite the significant differences between the highest and lowest income areas, SHW noted that the research showed a relatively low level of income across the UK. While South East retirees may be enjoying higher pension incomes, the cost of living in or near London will also be higher.
SHW also found that higher earnings do not always result in a higher pension income, with the lowest earning areas, Dwyfor Meirionnydd and Blackley and Broughton having average pension incomes of £19,700 and £21,000 respectively.
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