Brits urged to seek pensions advice

Wed, 20 Dec 2006

UK residents have been advised to seek expert help when planning their pensions.

Malcolm Mitchell, joint managing director of Plan Invest, claimed that British citizens are "definitely" not spending enough time planning their pensions for reaching retirement.

"Some are and some aren’t but an awful lot are not taking advice and are not reviewing what they have already got," he remarked.

Mr Mitchell added that Britons should analyse their current pension provision, before consulting an independent financial advisor and then making decisions based on this information.

Additionally, the expert warned that those looking for self-invested pension plans should spend more time than most researching their finances.

These pension strategies require "a little bit more care and attention" and should be reviewed once or twice a year, he stated.

However, self-invested pension plans may only be a good option for those with a lager amount of money to add to their savings pot, added the analyst.

Consumer advice group Defaqto recently called upon the pensions industry to simplify its terminology, in a bid to make pensions more accessible to consumers.


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