Residents of the City of London received an average annual pension income of more than £49,000 in 2014, a whopping 33% rise on the previous year, figures from HMRC have revealed.
The wealthiest pension boroughs in the 2014/15 tax year – the latest data available, which includes state and private pension income – included Westminster (average annual income of £28,400), Kensington and Chelsea (£27,400 a year), South Buckinghamshire (£24,200) and Elmbridge in Surrey (£23,900).
Those with the lowest incomes in that tax year lived in Barking and Dagenham (£11,600), Kingston upon Hull (£11,800), Newham, Hull and Stoke-On-Trent (£12,200).
This comes a week after Which? research found that retired couples say they need £26,000 a year to have a comfortable retirement.
The figures also revealed that pensioners in the South East of England paid £4.39bn in tax – the highest amount in the UK.
Use our interactive tables to find out how much the average pensioner receives in your area.
Is pensioner income rising?
In 2014/15, 6.7 million people of pension age or above earned a total of £120bn in pension income – an average of £17,910 a year per person. The previous tax year saw 6.04 million earn £108bn, an average of £17,880.
But looking at individual boroughs across the UK tells deeper story. The majority of boroughs – 297 – saw annual pension income increase between 2013 and 2014. The City of London recorded the biggest percentage growth (33%), with average annual pension income jumping by £12,200.
By contrast, Barking and Dagenham saw the largest fall in average annual pension income, with an 11% drop. The biggest pounds and pence drop came in Wycombe, where average pension income fell from £21,000 to £19,100.
A further 107 boroughs – around a quarter overall – saw no change in average pension income year-on-year.
Find out more: How to get an income from your pension
How much tax do pensioners pay?
HMRC’s data suggest that pensioners paid a total of £22.4bn in income tax in the 2014/15 tax year, accounting for 22% of all taxpayers.
The region paying the most tax was the South East of England, where pensioners shelled out £4.39bn. At around 1 million taxpayers, it also had the largest tax base. In Northern Ireland – the region with the smallest population of taxpayers – pensioners paid out £376m.
Some £15.3bn was paid out by men, while women paid £7.1bn in tax in 2014/15.
The map below shows the total amount of tax paid in different regions of England, Wales, Scotland and Northern Ireland.