Latest News and Events

A Pension for Life?

A new report released by Aviva and Age UK has revealed that just 26% of individuals felt financially secure in retirement - although 48% of those surveyed were confident that their private pension would last over their lifetime. Admittedly those surveyed were in a fairly select bracket, being aged 65-75 with a private pension but excluding those who relied solely on the state pension or who had a final salary pension worth over £20,000 per year. Interestingly, those surveyed also did not pay for financial advice; perhaps leading to the finding that 65% considered there was not enough support for people managing financial needs as they age.

The report also includes modelling from the Pensions Policy Institute which demonstrated the effect of withdrawing more than 7% of a retirement pot each year. The report showed how a 10% withdrawal rate could deplete a retirement pot in thirteen years.  As a result of the survey, Aviva and Age UK are calling for a mid-retirement MOT with Paul Farmer, Age UK’s CEO, commenting that: “Managing your pension and other finances becomes harder as you get older – especially where people have suffered a major life-change like a bereavement or a dementia diagnosis – and so it’s of vital importance that the industry, charities, Government and others can all work together to help people at this crucial point in their lives.”

If you are looking for advice on pensions or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.