Britons plan to top-up pensions in retirement

by Richard Kilner

Story link: Britons plan to top-up pensions in retirement

New research commissioned by Standard Life has revealed that many people paying into pension schemes are planning on topping up their retirement funds through additional means.

Just under half (43%) plan on using investments to increase their financial comfort in retirement, and almost one in four (24%) believe that an inheritance will come to them in retirement.

One in 10 intend to use equity release to enhance their finances, with 23% planning to either rent or sell a property.

John Lawson, head of Pensions Policy at Standard Life, added that almost 500,000 people aged over 55 are not intending to retire, highlighting the country’s changing view of retirement.

In the Budget last month Chancellor George Osborne raised the possibility of linking the state pension age to life expectancy, a move broadly welcomed by Joseph Lu, Legal & General’s expert in longevity.

Over the next 20 years rising life expectancy means that the UK will have an extra 5 million people over the age of 65, Lu explained.