Over-75s' nest eggs 'shrinking'

The long-term retired are having to "knock lumps" out of their nest eggs just to get by, pensioners' groups have warned, as a report found that saving pots for the over-75s have almost halved in the last two years.

In summer 2010, people in this age group typically had £22,500 put aside, but this figure has shrunk to £12,998, Aviva's latest Real Retirement report found.