The Midlands is home to six of the 10 areas with the lowest annual pension incomes in the UK, research by Salisbury House Wealth (SHW) has revealed.

Of the 650 constituencies, Leicester West had the lowest annual pension income, with an average of just £10,400.

Other constituencies in the Midlands had low pension income, with Coventry North East the second least (£11,600) and West Bromwich West the fifth least (£12,300).

London was found to be the area with the highest average pension income, with seven of the top 10 areas from the capital.

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).

Although there was a significant difference between the highest and lowest income areas, SHW noted that the research showed a relatively low level of income across the UK.

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.

SHW managing director, Tim Holmes, commented: “A decent level of income in retirement can be achieved through a few simple steps.

“By starting early, paying in what you can, and doing so on a regular basis you can go a long way to improving your prospects of a comfortable retirement – which is what everyone wants.

“There is a wealth of options available to help you grow you pension pot, from ISAs to SIPPs. Expert financial planning can help you make the most of the range of products out there.”

Share Story: