As the article alludes to, pension funds have grown exponentially, on average by 136% since 2002. One of the reasons for this, is a greater need to save due to the ever-moving retirement age. Another and more poignant factor concerning the pension boom is the currently positive stocks and shares.
I was very interested to read in the Express, the comments made by Andy Cumming, our Head of Advice. We conducted a study that analysed the impact of the markets on pension pots and the results were fascinating. As Andy mentions, people will always need to save and will gradually have to save more. The financial markets can do a lot of the work for you because without an element of cautious risk, it can be a struggle to save enough.
If you require advice on your pensions or other financial issues such as tax planning or inheritance, please get in touch with Andy or a member of his team. They would like to help and can provide a consultation to see where they can offer guidance on your finances. Alternatively, we host Financial Advice Seminars nationally where you can meet members of the advice teams.
Please be aware, the value of investments will go up and down and you may get back less than you invested. Any tax benefits or tax planning opportunities depend on individual circumstances and are subject to change.
Andy Cummings said: “There is no doubt that markets matter to pension savers. “The market rebound since January alone would provide an entire year of extra income in retirement for savers. “Long term benefits are even more tangible – it’s time in the market, rather than timing the market, that counts. “Pension savings are clearly worryingly low across all age groups as generous schemes fall by the wayside.