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Half a Million 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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