Standard Life Reveals The Most Popular Retirement Top-Up Plans
Released on: May 19, 2011, 2:01 am
Standard Life research* has revealed the most popular
retirement top-up plans for people who have saved into a pension.
Alongside using other investments (43%), nearly a quarter (24%) are
expecting inheritance will help fund their retirement, while others are
planning equity release on their main home (10%), using rental income /
sale of a property (23%) or using a partner or spouse's income (16%).
The research found that 7% of over-55s don't plan to retire or have a pension plan, even though they
had been saving into a pension.
Using the state pension or other state benefits (76%) was the favoured choice of the
majority of people. 23% of women are expecting to receive a retirement top-up from
their spouse, while 13% of men make the same assumption.
John Lawson, head of pensions policy at Standard Life said: "Nearly half a million people in the UK over
55 are not planning to retire. This shows our attitudes towards retirement are
changing, as people consider the implications of working and living longer than ever
before. We know that many people want to continue working on their own terms, while
some will want to start a new business or learn a new skill.
"Unfortunately, some may not have got their financial planning quite right. The
realisation of reaching 65 and having to fund another 30 years in retirement has
made them rethink their future plans.
"Relying on certain sources of income, for example an inheritance, could leave you
short changed, so seeking the right financial advice early on and taking practical
steps to ensure you don't have all your eggs in one basket may prove a prudent move
in later years."
To help support people when making investment decisions, Standard Life has recently
launched a range of investment funds,
called MyFolio**. The MyFolio funds are a family of carefully constructed
risk-based portfolios that offer clients a choice of active and passive investment
strategies across five risk levels. Three styles are available to suit each clients’
investment philosophy: MyFolio Market Funds, Standard Life MyFolio Funds and MyFolio
About Standard Life:
Standard Life is a leading long term savings and investments company headquartered
in Edinburgh and operating internationally. Established in 1825, Standard Life
provides life assurance, annuities, investment funds, stocks & shares ISA,
tax efficiencies, pensions including self-invested personal pensions (SIPP) company
pensions and employer pensions, and investment management to over 6.5 million
Notes to Editors:
*All figures, unless otherwise stated, are from YouGov Plc. Total sample size was
1,211 adults in the UK who are working and have a defined benefit, defined
contribution pension and / or a personal pension. Fieldwork was undertaken between
26th-29th November 2010. The survey was carried out online.
**MyFolio can be accessed via both a Stocks and Shares ISA and Active Money Personal
Pension. MyFolio is a family of carefully constructed risk-based portfolios,
managed by Standard Life Investments. A committee oversees the fund research process
and includes independent experts from outside the Standard Life group.
Senior Media Affairs Manager
Standard Life plc
30 St Mary Axe
44 (0)20 7872 4481
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