Delaying retirement 'significantly boosts pensions income'

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Delaying retirement 'significantly boosts pensions income'

Anyone planning to begin drawing their pensions over the coming years has been advised that they could boost their level of income by simply staying in employment for longer or increasing their contributions.

A new report from the Pensions Policy Institute (PPI),sponsored by the National Association of Pension Funds, has revealed the average woman could up their pension savings by 20 per cent by staying in work an extra two years, while upping the level of investment added 50 per cent on average.

PPI director Niki Cleal commented: "Of the choices and factors considered in this research, increasing the level of pension contributions being paid into the private pension increased future private pension income the most significantly."

Her comments follow those of Keith Churchouse, director of Chapters Financial Limited, who recently claimed taking regular advice on pensions is a prudent move for all, especially at a time when money is getting tighter and those looking to retire in the near future are facing lower returns.

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