Retirement Debts

Savers who lost money in the Equitable Life pension company should start receiving compensation payments in the middle of 2011, the government has announced.

ISA transfers to speed up from January 2011, creating £14.5bn in interest for the 17.5 million ISA savers in Britain.

The highest ratio of debt to income peaked for those aged 66 owed in credit card balances and unsecured loans.

Age Concern and Help the Aged found borrowers in their late 50s and early 60s owe on average at least four times as much in unsecured credit as their counterparts did a decade ago, and that a quarter of all people approaching state pension age have outstanding debts.

It is also increasingly likely that retirees are struggling to pay those debts. Last year, a record number of pensioners were plunged into insolvency, with the number rising faster than for any other age group – up 44% to 6,952.