Standard Life Pensions: No new car could mean smoother ride through retirement

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Standard Life Pensions: No new car could mean smoother ride through retirement

Tue 8th Aug 2006

People who invest in cars less often and invest their money in saving for retirement could make a big difference to their retirement future, according to new research for Norwich Union Pensions.

The company reports that even putting off a trip to a car dealership for a year could have a significant impact when it comes to ensuring a comfortable retirement.

It is claimed that if someone who tends to purchase a new car each year took the decision to by a car every two years instead, they could generate a pension fund amounting to over £9,000 a year.

John Lawson, head of pensions policy at Standard Life, said: "Around 2.5 million new cars are registered in the UK every year and just under half of which are bought privately.

"We are not suggesting that people shouldn't buy new cars, but changing your car a little less regularly can generate big savings," he added.

Standard Life also offers mortgages and a range of insurance products.

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