Pension schemes have come out tops with the majority of workers as being far ahead of other forms of saving. In a new survey, pensions came first with 44% of respondents, far ahead of property (18%) and well ahead of any other form of saving. Over three quarters of workers (77%) said they would regard a workplace or occupational pension as a significant plus point, when looking at any prospective employer.
The minimum age for taking company pensions and personal pensions rises from 50 to 55 on April 6th. Numbers of those retiring were up by over 20% in January, as many rush to retire before the deadline.
The economic downturn has produced many ‘pension sceptics’ – but their doubt about pensions as long-term investments crumbles, when you look at the figures. Pensions and equities still beat the bank, hands down.
Planned increases in the state pension age are likely to lead many to use income drawdown in their retirement planning, as they seek out ways to tap into their personal pension before they reach state pension age.
As the government rebrands its personal pensions scheme as NEST (National Employment Savings Trust), industry experts are warning savers not to wait for the new workplace pension scheme, which will not be fully operational until 2017.
Flaws in the government’s planned ‘Personal Account’ pension scheme have been highlighted by new quality standards for company or occupational pension schemesfrom the National Association of Pension Funds (NAPF).
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