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with help from
Government Legislation

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Many people who planned to retire this year will not be able to do so due to a decrease in their income, it is claimed.

New research from Prudential shows this is the case for 3.25 million adults in the UK, who collectively expect to receive £2.87 billion less in their pensions than those retiring in 2008.

"The global economic recession is relentless and indiscriminate in its impact and it was only a matter of time before we began to see British pensioners bear the brunt," says Keith Haggart, director of lifetime mortgages at Prudential.

He adds that pensioners need to maximise their income during difficult times, which may involve drawing on assets or seeking debt management guidance.

Furthermore, Mr Haggart says making sound decisions does not need to involve selling possessions or resorting to other ways of making cash quickly.

Data from the Bank of England shows that the average interest rate paid on instant access savings accounts at the end of February was 0.17 per cent, a record low.

It also found the average interest rate paid on fixed rate bonds was 2.56 per cent and average cash Isa interest rates were 0.96 per cent.

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