A recent survey has shown that those aged 50 and over, the typical Saga Insurance customers, are concerned about how the credit crunch will affect their pensions and investments.
According to the survey, carried out by Millennium, over 75 percent of these Saga Insurance aged respondents believe the credit crunch will negatively impact on their investments, whilst almost 60 percent are expecting their pension provisions to be affected. However it is not all doom and gloom, since over three quarters of the over 50s are also saying they will not give up holidays and eating out.
People aged 50 and over tend to have a good view of the economy, having experienced its ups and downs over their lives. This is why the opinions of the Saga Insurance customers are valuable and worth bearing in mind no matter what age you may be.
The investment management team at Legal and General is currently looking at the future of pension schemes, concerned by the many different rules and regulations that are being placed on them.
Since 2001 there have been over 400 different pension regulations said a Legal and General spokesman, and there is concern that they are making it more difficult to attract people into company pension schemes because of all the red tape that now seems to surround them.
What a Legal and General pension customer wants is to understand the basics of how it works and have a pretty good idea of the final return when it comes to retirement. The many different regulations are moving further away from this basic concept and are making things much harder to explain in laymans terms.
Legal and General has today launched a new pension product, called the Portfolio Plus Pension it is designed for customers who want to spread their investment in a large number of funds.
Over 40 fund managers are responsible for around 300 different funds, with customers pension payments being spread between up to 100 of them. Both Legal and General themselves plus independent financial advisors are promoting the new Portfolio Plus Pension, giving customers plenty of choice regarding access to it.
A Legal and General spokesman said that this particular pension option would be ideal for those customers who would like the flexibility inherent in a self invested personal pension.
