Annual pension reviews advised for Brits

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Annual pension reviews advised for Brits

Thu 27th Oct 2011

Individuals saving towards their retirement across the UK have been urged by one sector expert to carry out an annual review into their pension plans every year.

Keith Churchouse, director of Churchouse Financial Planning Limited, said people's attitude to risk needs to change, as the current economic situation has meant markets are more volatile than ever and this can have a dramatic impact on their ability to save towards retirement.

He commented: "The reason for that is that [with] many funds, their performance changes over time and the area that they are investing in may not be where they should be."

Elsewhere, Billy MacKay, marketing director at A J Bell, recently told listeners to the FT Money podcast that a combination of factors have contrived to push down pension yields in recent years, with older people suffering as economic instability has played havoc with gilt yields.

He added that many Brits will face serious issues regarding their pensions income over the coming years as a result of the financial downturn.

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