Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • December 2015
12

Essex boasts biggest annuity pots 

Open-access content Tuesday 1st December 2015 — updated 5.50pm, Wednesday 29th April 2020

Essex has been identified as the county with the largest pension pots for annuities with the average total pot size standing at £125,478, according to data analysis.

2

Based on almost 2,500 customers who took out an intermediated pension, annuity provider Partnership reported Surrey followed closely behind with the average size standing at £123,788. This was followed by Hertfordshire, at £123,158. 

The analysis also found Shropshire had the smallest pots (£44,336), followed by Northumberland (£53,538) and South Yorkshire (£56,736). Across the UK, the average annuity pot is worth £87,724.

Andrew Megson, managing director of retirement at Partnership, described the regions with the largest pensions pots - Essex, Surrey, Hertfordshire and East Sussex - as a "fairly concentrated part of Southern England" as their pot sizes were "more than double the amount saved by those in Shropshire". 

Those in London (£110,775) and the South East (£101,972) reported the biggest single pots on a national basis, almost £43,000 more than people living in Northern Ireland (£67,866).

Partnership said the figures were higher than those recorded by the Association of British Insurers in Q2 2015 as they reflected customers who had used an intermediary such as a financial adviser, and chosen to purchase an annuity on the open market. 

The firm added financial advice had a cost attached but could be "extremely beneficial" in choosing the right retirement products. 

"Intermediated sales tend to be larger than average as these retirees are prepared to pay for financial advice but it does raise concerns as it suggests that they may have access to better outcomes," Megson said.

"A 65-year-old man with a pot of £125,478 who had common conditions such as high blood pressure, obesity and diabetes could receive £1,050 or 14% more per year by shopping around so it is worth speaking to an adviser."


Top five biggest annuity pots per county:

1. Essex - £125,478
2. Surrey - £123,788
3. Hertfordshire  - £123,158
4. East Sussex - £121,144
5. Bristol - £120,159


Top five smallest annuity pots per county:

1. Shropshire - £44,336
2. Northumberland - £53,538
3. South Yorkshire - £56,736
4. Devon - £65,687
5. Lincolnshire - £67,158
This article appeared in our December 2015 issue of The Actuary.
Click here to view this issue
Filed in
12
Topics
Pensions

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

New Fast-Growing Team - Actuarial Systems Development

London (Greater)
Excellent Salary Package
Reference
143762

Actuarial Pension Consultant – Scotland/Remote – Up to £90,000 plus bonus

Edinburgh / Glasgow / Remote working
Up to £90,000 + Bonus
Reference
143761

Part Qualified Pensions Actuary– Specialised Pensions Consultancy - Scotland/Remote - Up to £70,000

Edinburgh / Glasgow / Remote working
Up to £70,000 + Bonus
Reference
143760
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ