An article in the 'Daily Mail' last week was entitled :
Bank of granny and granddad goes bust: Pensioner insolvencies to a record high
* a report, by accountancy firm 'Wilkins Kennedy' and based on official 'Insolvency Service' figures, highlights how pensioners are ‘caught in a vice’ between high inflation and record low interest rates.
* the number of pensioners becoming insolvent has risen to its highest level since records began more than 50 years ago with 2,725 over-65s declared insolvent in 2006 but 5,749, in 2011, an increase of 111%.
* the rise among the over-65s is faster than among any of the younger age groups and the numbers will continue to climb.
* a survey by equity release firm 'Key Retirement Solutions' showed a third of clients aged over 65 had taken out money on the value of their home specifically to lend or give money to their family members.
* a 65-year-old man who retires today with a pension pot of £100,000 would receive just a third of the pension which he would have got 20 years when he could have cashed in his pension pot and bought an annuity – an income for life – of £15,000 a year and today he would get a rock-bottom deal of about £5,700.
* record numbers of over-65s have a job, 'Office for National Statistics' revealed that about 930,000 people who have reached the ‘traditional’ retirement age of 65 still work, with many saying they cannot afford to stop.