Virgin publishes pensions calculator research

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Virgin publishes pensions calculator research

Thu 12th Aug 2010

Up to £127 a week could be lost by pensioners who take too long in transferring their retirement savings into income.

Virgin Money warns that despite steps being taken by the finance industry to speed up the process, it could still have an impact on the funds of the retired.

Some companies can take up to 51 days to transfer funds, which can cost an individual as much as £1,270.

Financial volatility in recent times has also had an impact on how much people will receive during their retirement, with the provider noting that there has been a 7.2 per cent drop on a fund worth £100,000 in the past year alone.

Grant Bather from Virgin Money said: "Buying an annuity is a once-in-a-lifetime decision which pensioners have to literally live with. The income is fixed for life and there are no second chances."

One sector that could still do well despite the recession are charities, with the group predicting that a combined total of £30 million could be raised through the Great Run events this year by going online.  

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