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Planning Retirement

Government pension reforms coupled with the rollout of pension auto enrolment has made the past year one which has seen a shakeup in the way in which people view, invest in and draw upon their personal pensions. Despite, or perhaps because of, the pension reforms a recent report has revealed that there seems to be a lack of engagement with the pension system.

The report, conducted by Franklin Templeton, revealed that just 13% of people believe the pension changes have enhanced their ability to meet retirement goals. Perhaps more worryingly, 28% of people have not even thought about how they will fund their retirement - and of those who have thought about pension planning, 70% haven’t yet committed that plan to paper.

On the positive side, 48% of those questioned thought that a financial adviser was important to retirement planning and, when comparing the statistics to a compatible report in the previous year, a spokesman for the company said “there looks to be a greater understanding related to the part that market investments can play, particularly in providing an income stream in retirement.” To this end 30% of respondents (up from 25%) have stayed or expect to stay in the market post retirement.

If you’re looking for advice on planning for your retirement, or if your situation has changed and you may therefore need to review your existing investment portfolio, contact Beckworth by using one of the links on our website.