New research by Zurich Insurance has shown that people in the UK are not retiring at the expected age, primarily because they have not planned their finances adequately.
Almost two thirds of Brits at retirement age are thinking of remaining at work, with nearly a third also expecting to have to work as they need the money. Another third though are doing it simply to stay active, in both mind and body, which shows how society and lifestyle has changed said a Zurich Insurance spokesman.
There are so many financial pressures in modern society meaning that retirement costs more than ever. This is a realisation that some people are coming to only now said Zurich Insurance, showing how important good pension planning is.
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.
A free guide to annuities is being offered by Saga, helping people understand the options open to them at retirement and how to make the best of what is on offer.
The Saga guide is very up to date, with full details of how the OMO (Open Market Option) works for buying an annuity. It explains how it enables people to shop around to find the best annuity to suit them, rather than being tied to their pension fund provider. At the moment only around forty percent of people are actively using the Open Market Option, but it is hoped that this information will prompt more to see how it can be of benefit to them.
The advice from Saga is that anyone approaching retirement should have a look at the guide so they can weigh up their options. It can potentially save lots of money and ensure the package selected best meets customer needs.
