Prudential reveals impact of recession on retirement

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Prudential reveals impact of recession on retirement

Thu 5th Mar 2009

Prudential claims that the state of the economy is having an impact on people's retirement plans.

Statistics published by the firm show that around 2.2 million UK adults over the age of 45 are postponing retirement plans this year.

And it would appear that people in this group are not confident about being able to retire any time soon, with 45 per cent admitting that it will be 2012 at the earliest before they can leave work.

Public sector workers represent one in three of those able to retire in 2009, despite only constituting a fifth of the UK's workforce.

Martyn Bogira, director of DC Solutions at Prudential, commented that there are nevertheless options available.

"Many annuity rates have performed better than many feared and there are a number of other pension income options available, like drawdown," he suggested.

Prudential also revealed recently that 61 per cent of Britons intend to improve their diet or take more exercise in 2009.

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