Keeps saving, urges LV= pensions

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Keeps saving, urges LV= pensions

Fri 16th Jul 2010

LV= pensions has encouraged over-50s not to give up on saving for retirement, despite the financial pressure they may be under.

Head of pensions at the firm Ray Chinn claimed that it is a "crucial time" for this demographic and highlighted how there are plenty of options available for them when they retire.

His comments follow research by LV= pensions indicating that 37 per cent of over-50s are relying an economic recovery to ensure they have a comfortable retirement period.

"Britain's over-50s have already seen their pension pots damaged by the economic crisis and now many appear to be diverting still more money away from retirement saving," said Mr Chinn.

The company also revealed that its State of Retirement report shows that the pension savings of Brits in this age group has fallen by nearly £18 billion over the past year.

Recently, LV= announced its underwriting team had been awarded the H J Greening prize for a second consecutive year.

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