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A new report by the Organisation for Economic Cooperation and Development (OECD), confirms UK pensioner’s will retire on just 38% of their former salary. Depressing statistics eh?

A full state pension from April 2016 will pay £155.65 a week. That is based on you having made a maximum 35 years of qualifying National Insurance contributions.

Only people living in Chile and Mexico live on less in retirement.

If you have saved for your retirement into a personal pension the report says you will retire on 67% of your former salary.

If you are relying on the state pension your retirement could be bleak.

To find out how much you need to start paying into a private pension please visit our calculator.

Source: OECD

For bespoke pension advice on your retirement contact Credencis.

We are situated between Derby and Nottingham and visit clients nationwide.

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