Expert help advised for pension savings

Wed, 22 Aug 2007

There are many savings options available to those wanting to put money aside for their retirement , according to Age Concern.

A spokesperson for the older people's charity advised independent financial advice for those planning their pension, as there are "many different variations" of savings plans.

Samuel Heath said savings options could be tailored for individual needs and that expert advice could steer consumers in the best direction.

"People must get independent advice about what the best way is for them to save for their old age, but a pension is a really important thing to have," he said.

According to Mr Heath, a "different situation" applies to people who are starting to save money when they are 20 as opposed to those who start saving when they are 60.

"People should really try to get advice for their own personal situation," he reiterated, adding that "saving for the future is so important".

The Institute of Fiscal Studies, conducting research on behalf of Help the Aged, found that some 500,000 older people could be taken out of poverty if means tested benefits were taken up fully.

Such benefits include pension credit and tax and housing benefit.

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