People planning for their retirement should not risk relying on a single source of pension income, it has been warned.
According to Churchill Financial Planning (CFP), pensions in the UK have lost £29 billion in value over the past 12 months alone because of the fall in property prices and should be supplemented if possible.
The independent financial advisor was commenting after statistics from Baring Asset Management showed that 74 per cent of people are relying on property to fund their retirement, rather than equity release schemes or alternative income sources.
"I would never recommend that people rely on one source for their retirement," said Keith Churchouse, director of CFP.
"Having a couple of horses in the race at least gives you the opportunity to have choice when you get to retirement."
The figures released by Baring also revealed that 2.8 million people – or eight per cent of the population – rely on property as the main source of income for their retirements.
