Half a million UK savers' retirement plans shattered as payouts from 'crippled' with-profits pensions plunge

Hundreds of thousands of savers have had their retirement hopes dashed by the banking crisis and a crash in payouts on with-profits pensions.

Those reaching pension age now are getting £4,975 less a year than an identical saver who retired five years ago, Money Mail research has revealed.

They have been hit by a toxic combination of plunging payouts on with-profits pensions, and a fall in annuity rates — which turn pension savings into an income for life.

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