‘Think about your pension early’ – Royston savers have above-average pension pots, say Portal Financial

Royston savers are putting an above-average amount aside for their pensions, as a rule – that’s according to figures compiled by pension specialists Portal Financial.

The firm analysed the savings of its customers to create a snapshot of how people in different parts of the UK are preparing for their retirement, and found the average pension pot size in England to be £63,387.

Royston savers had an average of £88,703 put aside, while their Stevenage and Hitchin counterparts respectively had average funds of £85,153 and £78,792.

Letchworth savers were far below the national average at £46,314, while those in Knebworth had an average pot of only £42,007.

Daniel Marshall, head of Citizens Advice Stevenage, commented: “It is likely that Herts would be above the national average due to its proximity to the capital.

“It is inevitable that with increasing life expectancy, the state pension age will also increase.

“For many people the state pension may not be enough and they will need to consider making extra provision for their retirement.

“What these figures do once again reinforce is the need to think about your pension early, as well as the importance of getting valuable guidance or advice when contemplating your retirement.”

Portal Financial’s data is at portalfinancial.co.uk/interactive-map.

Citizens Advice Stevenage offers free, confidential guidance those over 50 with a defined pension pot – for an appointment call 01438 721760.