Standard Life pension report published

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Standard Life pension report published

Tue 3rd Mar 2009

Standard Life has unveiled a new report into the future of pensions, warning that retirement could become an outdated idea for many people.

The Death of Retirement report highlights the shift in people's attitude towards retirement, with far more people now wanting to continue their employment for longer and being keen to remain active long after reaching 65.

In the report, psychologist Honey Langcaster-James suggested that the word "retirement" should be abolished altogether.

Nick Bamford, managing director of Informed Choice, said the report demonstrated the need for pension funds to rethink how they deal with their clients and the kind of pensions that they offer.

"Independent financial advisers need to understand more about their clients' retirement goals and objectives," he suggested.

Meanwhile, one person not keen to change his pension plans is Sir Fred Goodwin, the former head of Royal Bank of Scotland (RBS).

Ministers have put pressure on Sir Fred, who was forced into early retirement when RBS was bailed out by the government, to give up his £650,000 pension after his bank posted the largest ever loss made by a UK company.

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