Pensions News

Retirement savers 'should consider their options' - 18/01/2008

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People planning on saving for their retirement should take a close look at the number of options available to them, the National Association of Pensions Funds (NAPF) has suggested.

According to Mark Brooks, a spokesman for the pensions and retirement provision group, many people are "not saving anything or not saving enough" to get them through their retirement years.

He said that although the workplace pension is still the main option for most people, it is important to know what other financial products are out there.

"People, if they can, should look at a number of options when looking to save - especially if they can benefit from the pensions tax relief available," he said.

He also explained that there are more than 37,000 open workplace pension schemes in the UK and that around 10 million people are currently saving in this type of financial arrangement.

Mr Brooks added that stakeholder pensions and personal pensions can provide alternatives to workplace pensions provided by both public and private sector employers.

Recent research conducted by the NAPF has indicated that in 2007, people moved away from equity investment in favour of the increased diversification of a defined benefit pension.

© Adfero

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