Retirement planning vital during pensions crisis
Brits should take charge of their own pension plans following the government’s cuts to pensions in the emergency budget, a financial expert has claimed.
Nick Scarrett, head of pensions at the Fair Investment Company (FIC), said consumers should take responsibility for saving as much as they can afford for retirement.
“It has never been more important to look at retirement planning,” he said.
“That doesn’t just mean standard pensions, there are plenty of options, for example ISAs and investment bonds.”
He added that the state pension system is unsustainable in the long term.
“Realistically, something had to be done about the state pension system in this country because currently it is simply unaffordable,” he said.
Scarrett expects the government’s review of the pensions system to result in a drastic shake up.
“It will be interesting to see what comes out of the review, because whatever happens, the fact remains that there has to be much more onus on the individual to look after their own finances in retirement.”