Brits 'must reassess retirement plans'

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Brits 'must reassess retirement plans'

Wed 30th Nov 2011

Many people across the UK - especially those who are over 50 - should take time to reassess their retirement plans following the government's latest announcement regarding pensions.

John Perks, LV= managing director of retirement solutions, said it is important for older Brits in particular to be prepared to work longer, as the shift in retirement age means the goal posts have been shifted.

He commented: "With the announcement today that the state retirement age will now increase sooner to age 67 (from April 2026) than previously planned, many people may need to reassess their retirement plans."

Tom McPhail, head of pensions research at Hargreaves Lansdown, also recently argued that individuals being entered into the government's upcoming pensions auto-enrolment scheme should not opt out.

He argued the scheme will mean employers are helping to bolster the pensions saving of individuals and this can only be beneficial for pensions saving.

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