People living in affluent areas to get lower pensions in new 'postcode lottery' scheme

The middle classes face lower annual payouts under a new 'pensions by postcode' scheme.
It will assess life expectancy by area to determine how much income retired customers will receive each year.
Those living in leafier postcodes will receive a smaller annual pension as they would be expected to live longer.
In contrast, pensioners in more deprived postcodes, who would typically have a shorter life expectancy, will receive a larger annual income.
The overall pension pot should, in theory, stay the same as those living in prosperous areas would be expected to receive more annual payouts.

Read more...