'Property pensioner' income falls 20% since 2008

Falling property prices and reduced annuity rates mean those relying on their house to fund their twilight years may be sorely disappointed. Standard Life research suggests the average retiree who downsizes their property to fund an annuity purchase will receive an income of £43.50 a week, compared to £53.40 a week in 2008. Downsizing from a detached house to a bungalow will net the highest retirement income at £71 per week, but swapping a semi-detached house for a flat could get a pension of just £4 a week. Andrew Tully, senior pensions policy manager at Standard Life, says: "Peop...