Pension planning 'up to individuals'

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Pension planning 'up to individuals'

It is down to individuals to ensure that they have enough cash set aside for their old age now, rather than relying on the state, according to a financial expert.

Phil Perry, director of Ark Financial Planning, said that it is clear that the government no longer has the means to provide assistance for people in their old age, meaning it is up to them to set up a fund they can draw on in later life.

"There are two real ways in which you can save for the future. One is by a pension and the other might be via an Isa or some other form of investment," Mr Perry stated.

As both of these options are tax efficient, it makes them good options for saving the most money in the future.

His comments follow statistics from the Association of Consulting Actuaries, which found that nine out of ten defined benefit schemes are now closed to new entrants.

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