Retirement pay fails to improve

Tim Wallace
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BRITONS born in the 1960s and 1970s will not be any better off in retirement than those born a decade earlier, according to a study out today from the Institute for Fiscal Studies (IFS).

This is the first generation where incomes are not rising in old age, thanks to wages stalling, housing costs soaring and pension funds performing badly in the last decade.

The demise of final salary pensions is another key factor, the IFS said.