Economic troubles in the UK mean the retirement income accumulated by many Brits is falling in value, it has been claimed.

The BBC reports that retirement income individuals have amassed through savings has declined by 14 per cent since the beginning of the year.

According to Moneyfacts, this means shares of £10,000 sitting in an individual savings account at the start of 2011 would now be worth £8,778.

Speaking to the news provider, Bedfordshire company director John Frary explained he had previously saved £108,500 in his pension fund ready for retirement.

However, this decreased in value to £101,047 between July 6th and August 15th.

This could be a further blow for pensioners that may be facing an unpaid tax bill over the coming months.

Consumer Credit Counselling Service recently noted that due to a problem with the Pay-As-You-Earn system last year, some people were undercharged and now have to make up the losses.

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