Happy retirement for the average OAP

Income data from the Office for National Statistics is likely to add fuel to the intergenerational fairness debate. Retired households have seen their income surge by almost 60% in the past 13 years, far outstripping the increases received by those in work.

The average pensioner’s household income was £27,283 last year, an increase of more than £10,000 or 59% since 2005-06.

By contrast, the typical working household’s earnings rose by only 36% over the same period, to £36,332.