Guidance on pension planning for workers worried about their retirement savings has been collated by Unbiased.co.uk.
The financial advice website canvassed professional opinion on the issue following the release of data from the National Association of Pension Funds, showing that only 23 per cent of private sector final salary schemes are open to new members.
Final salary workplace pensions tend to offer stronger guarantees of retirement income than alternative plans, meaning that scheme closures could lead to more people retiring on a disappointingly low amount.
Home reversion plans, can help to reduce this financial damage by offering a source of income separate from pensions.
Speaking to Unbiased.co.uk, Robert Clarke of Almary Green Investments said: "Fundamentally, pensions are something consumers may wish to not think about.
"Yes there are many questions to ask, and if you don’t know the answers – find them out!"
Tony Catt of Hanson Wealth Management added: "Provision is not just the building of assets and savings to provide an income, but possibly more importantly making sure that your outgoings are as low as possible in retirement.
"This means paying off debt as far as possible, so that that there is no mortgage or any other debt payments to be made from pension income."
Posted by Claire Ford
