AEGON: Flexible retirement solutions are needed

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AEGON: Flexible retirement solutions are needed

Wed 19th Nov 2008

A new report by AEGON reveals that the majority of independent financial advisers (IFAs) say that their clients need more flexible retirement packages than those currently on offer.

Of all the IFAs surveyed, 86 per cent said their clients wanted more flexible pensions products, in part because the retirement needs of the next generation would be very different from those of the current one.

More than eight out of ten IFAs said that increasing numbers of their clients were intending to do some kind of work after they retired and 84 per cent expected their clients needs to change throughout the course of their retirement.

Rachel Vahey, head of pensions development at AEGON, said: "IFAs recognise that retirement is no longer the lifestyle cliff edge it once was.

"If we're serious about encouraging people to save more we need to give them the flexibility to match their income to their needs," she added.

Yesterday Legal & General released a study showing that pension programs would be more popular if the rules allowing access to the funds were made more flexible.

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