The average UK pensioner is almost twice as well off as they were in 1979, according to a report by medical insurer Clerical Medical (CM).

The amount of income from private pensions rose at three times the rate of income from the State pension and average weekly pensioner income rose went up from £47 in 1979 to more than £300 by 2004.

“There has been a significant shift in the balance between pension income sourced from the State and private pensions over the last 25 years,” said John Hiew, managing director of CM Financial Services.

“Almost 70% of retired households now rely on their private pension arrangements to supplement the cost of living in retirement, compared with 40% in 1979,” he added.