Standard Life pension research shows downsizing isn't best option

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Standard Life pension research shows downsizing isn't best option

Wed 7th Apr 2010

It was found that, on average, moving to a smaller house gave a weekly allowance of just £43.50, which is almost ten pounds less than in 2008.

Andrew Tully, senior pensions policy manager for the organisation, said the drop in house prices and annuity rates would shock people who were banking on downsizing their home.

He added: "People need a reality check to get their long-term financial planning back on track. The old adage of not putting all your eggs in one basket has never been more appropriate."

The pension provider recently welcomed Alistair Darling's Budget speech proposals to allow pension pots of up to £2,000 to be treated as cash and for small pots to be combined to enable the purchase of joint annuities.

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