A recent survey has shown that the value of a Cardiff pension is greater than the value of a London pension.
Cardiff pensions realize a shortfall in the same way as those in Bristol or London but because of the cost of living in Cardiff.
If you live in London you will require £12,299 to meet basic living costs.
State pension provides for £7,500 a year, however the average UK pensioner requires £10,020 to meet living costs.
Costs vary quite widely over the United Kingdom but Cardiff pension value is 50% higher than in London.
Most expensive living costs for pensioners
1. London – £12,300
2. Belfast – £9,929
3. Bristol – £9,862
Least expensive living costs for pensioners
1. Cardiff – £8,180
2. Newcastle – £8,596
3. Hull – £8,596
It becomes obvious that Cardiff pension value is greater in that it offers all of the features and benefits of a capital city, at a low cost.
The £4,100 gap between Cardiff pension and London pension is a major difference.
The level of pension underperformance is highlighted by the website lovemoney.com where it states that the average pension pot in the UK is just £25,000 resulting in an income of only £1250 PER YEAR!
Cardiff offers all of the features and benefits of a capital city, at a low cost,” the survey said.
The results of the 2011 census indicates that the population of Cardiff is 346,000 and that the percentage of over 65’s is 13% meaning that the number of people with a Cardiff pension that needs to meet the minimum is 44,980.
Cardiff Pension Value – Working later in life.
New statistics recently published by the Office for National Statistics reveals that that people continuing to work later in life are than they used to.
The average age that people leave the labour rose from 63.8 years to 64.6 years for men and from 61.2 years to 62.3 years for women between 2004 and 2010.
This means that the Cardiff pension value is increased as the contributions continue for longer without drawing from the pension pot and so increasing the return from your annuity.
Do you know your pension performance or do you think it might be an idea to get a pension review.