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Rent-paying pensioners £133,117 worse off

Pensioners who rent during retirement are £133,117 worse off than those who own their own home, according to Friends Provident.

Friends’ research found that UK pensioners spend £23bn on rent every year and need an annual income of £11,491 to cover rent, utilities, ground rent and service charges.

In comparison the average homeowner needs only £3,020 each year to maintain their property.

Friends Provident head of pensions marketing Jeremy Ward says renting can be a difficult cycle to break out of.

He says: “Renting during retirement creates further difficulties and means that renters need to be more prepared and have a much larger annual income in retirement to keep a roof over their heads. In turn this means that renters need to be aware of the extra income required and make provisions for this in their pension planning.”


Majority decisions

Iwas chatting to a good friend of mine who happens to be a long-standing IFA. Over the last 20 years or so, he has built up a business looking after the finances of many high-earning professionals and entrepreneurs.

FSA looks to dispute overturned rulings

The FSA has for the first time applied to appeal against a Financial Services and Markets Tribunal decision in relation to a case against Leeds solicitor firm Fox Hayes.


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