High inflation taking its toll on pensions

The importance of identifying the best self-invested personal pensions (SIPPs) schemes for private banking customers is being highlighted by continued high inflation rates.

According to over-50s financial services specialist Saga, rising fuel and food prices are continuing to put a squeeze on pensioner finances.

Figures from the organisation suggest that purchasing power among retirees has typically fallen by more than 20 per cent since the start of the 'credit crisis' in 2007.

Speaking after inflation was confirmed to have fallen from five per cent CPI in October to 4.8 per cent in November, Dr Ros Altmann, director-general of the Saga Group, said: "Today's inflation figures are certainly nothing to celebrate.

"Although some commentators may focus on the fact that there has been a welcome fall in the annual cost of living as a result of a recent drop in petrol prices and supermarket price wars, these inflation figures are still dreadful."

She also highlighted how inflation rates are still well in excess of the Bank of England's target level, which stands at just two per cent.

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