Warning over pension plans

Tue, 02 Dec 2008

Almost two million people are relying on property to fund their retirement because they did not invest in a pension fund, new research shows.

A study by uSwitch.com also found that 45 per cent of 25-34 year olds are planning to use their house as an alternative to a pension.

However, Ann Robinson, director of consumer policy at the firm, warned that the recent property slump means that these dreams could be scuppered.

According to Ms Robinson, it is vital that people save all they can towards a pension to make sure they can live in comfort during their retirement.

She said: "Even though times are tough, it is important that people review their financial position in order to invest what they can to secure a better future. Every penny really does count."

Last week, the new Pensions Act was granted royal assent.

Under the new law, people will be automatically enrolled in their employer's pension scheme from 2012.
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