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Quit pensions gap scaremongering

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Monday October 4, 2010 at 2:39pm
A recent survey from pension provider Aviva suggests that every adult needs to save an average of £10,300 per year to secure a comfortable retirement.

I’ve got to admit I’m not in favour of these blanket claims. I know as a country we have a massive pensions shortfall (£318bn by all accounts) but headline rates are very unlikely to inspire anyone to review their savings and retirement plans.

Our approach to financial planning and retirement planning in particular is to take a look at the big picture and establish what a client wants to achieve over their lifetime, not just once they reach what for some is the “dreaded” retirement.

With stock market and investment mayhem over recent years many have steered clear of traditional pensions savings for retirement and headlines like the ‘Pensions gap: UK worst in Europe’ is encouraging no-one to start planning ahead.

Yes, pensions are an extremely tax efficient method of saving for retirement, and if selected carefully can be flexible in the way returns are delivered. But it’s not a case of ‘the answer is a pension, now what’s the question?’ What needs to be asked are questions like – what do you plan to do over the next 20, 30 or 40 years? What are your ambitions? Where do you plan to live? What family commitments do you have?

Find an advisor who’ll ask you these questions – and you’ll have found one who is interested in providing financial solutions, rather than selling financial products. A subtle difference you may think – but actually it’s not.

People are worried and confused about the so called pensions gap, failures in our economy and the poor reputation of some in the financial services industry. What they need is a truthful, straight-forward approach which delivers a lifestyle financial plan that they can see will fulfil their goals and ambitions. Reputable, independent financial advisors will provide this, many other’s won’t.

The choice as they say is yours.

Andy Parker
Chartered Financial Planner

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