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Seeking a statistic
Apr. 13th, 2013 11:38 pmIn 2011-12, the UK government paid out £74.2 billion of state pension, plus £8.1 billion of pension credit (figures from here; if everyone writing about benefits had these numbers at their fingertips I suspect some of the arguments would be less fervid and more useful). The only figure I can find for the number of people claiming state pension is 12.7 million, from an Institute for Fiscal Studies paper from 2003; ten years is enough for even demographics to have moved far enough that I'd like a newer figure.
A figure I can't seem to find anywhere is the total payout from private pensions. This sounds the kind of thing that a government must determine, I just can't work out where they'd put the answer ...
Legal and General (in small print on page 17 of the annual report) say their annuities paid out £1.4 billion in 2011. I suspect they have more than 5% of the pension market, which indicates that the state pension still dwarfs private pension provision, but I'd quite like to know how big the dwarf is.
Aviva don't seem to mention the figure at all ... insurer financial reports seem to devote much more space to profits ('credit spread income on our annuity portfolio increased by £125 million to £813 million') and to new-business figures ('due to a 24% reduction in [US] annuity sales to £2,839 million') rather than to the kind of flow I'm looking for.
A figure I can't seem to find anywhere is the total payout from private pensions. This sounds the kind of thing that a government must determine, I just can't work out where they'd put the answer ...
Legal and General (in small print on page 17 of the annual report) say their annuities paid out £1.4 billion in 2011. I suspect they have more than 5% of the pension market, which indicates that the state pension still dwarfs private pension provision, but I'd quite like to know how big the dwarf is.
Aviva don't seem to mention the figure at all ... insurer financial reports seem to devote much more space to profits ('credit spread income on our annuity portfolio increased by £125 million to £813 million') and to new-business figures ('due to a 24% reduction in [US] annuity sales to £2,839 million') rather than to the kind of flow I'm looking for.
