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Loan Claims: Inflation rates eroding UK pensions

The on-going high rates of inflation are eroding the value of UK pensions, it has been claimed.

Dr Ros Altmann, director general at the Saga Group, expressed her belief that high inflation and low interest rates are having a negative effect on pension pots across the UK.

"Their [Pensioners'] savings are being eroded in real terms by ultra low interest rates which are lower than inflation," she said.

"Pensioners with defined contribution pensions have mostly bought level annuities, so their private pension is being eroded year-on-year."

The latest quarterly Real Retirement Report from financial services firm Aviva found that over 55s are increasingly concerned about the rising cost of living.

Just under three quarters (74 per cent) of respondents cited the rising cost of living as their biggest fear over the next six months, with 70 per cent admitted that this was their biggest worry over the next five years.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800285781-ADNFCR



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