House provides pension fund, study finds

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Financial Services > Pensions > News

House provides pension fund, study finds

Fri, 03 Aug 2007

Seven million homeowners in the UK are going to use their property investments as their pensions fund, new research has found.

Five out of nine people think the investments made into their pensions fund will not be sufficient enough to live off, with one in two people planning to downsize when they retire, Fool.co.uk has revealed.

Head of personal finance at Fool.co.uk David Kuo warns that homeowners may want the choice of downsizing or releasing equity when they retire.

"It is vitally important to maintain a proper balance to ensure that we are not overly dependent on any one investment. It is tempting to think that we can ignore other investments just because the value of our home has gone up significantly," he comments.

Respondents aged between 34 and 57 are worried about the investments they have made for the future, as two-thirds feel they have not contributed enough into their pensions.

In related news, HM Revenue and Customs are urging pensions scheme administrators to register for online filing as the new internet initiative goes live in October.

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