Pension returns lowest since 2002

Thu, 17 Jan 2008

Returns on pension funds were at their lowest for five years in 2007, new research has revealed.

The study, conducted by Investment Life and Pensions Moneyfacts, showed that the average pension fund grew by 5.41 per cent last year, compared with 9.17 per cent in 2006.

Richard Eagling, editor of Investment Life and Pensions Moneyfacts, said: "After enjoying four successive years of sting investment returns, most pension holders will have seen only modest gains to their policies during 2007.

"Only those pension savers who hold more aggressive funds investing in the Far East and global emerging markets will look back at the last twelve months with any real sense of achievement."

According to Age Concern, there will be 12.2 million people eligible to draw a pension in 2011.

The government is set to launch a national pensions scheme in 2010.

It will be aimed at the estimated seven million Britons who are not currently saving towards a pension.
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