Property can replace pension
August 23, 2007
Investment in property could bring greater reward than a pension scheme, the Pensions Advisory Service (TPAS) has pointed out.
The TPAS says that the advantages of a sound property investment such as capital growth and sale opportunities, could outweigh the security of a pension fund.
"Rewards in property investment - in people’s minds - seem to out way financial rewards from pensions," says Malcolm McLean, TPAS chief executive.
As a realistic alternative to pensions, he explained property is a method of "not putting all your eggs in one basket".
Mr Mclaren continued: "It is important for people to recognise - in the long term - it will be down to them to get them the standard of living that they want."
Meanwhile, TPAS has announced a shift away from pension provisions and savings in recent years, with only 25 per cent of pensioners’ income coming from occupational income, according to figures from the Office for National Statistics.
Written by Peter Kenny · Filed Under News Mortgages
Gordon Brown has ruined the retirement income of 80% of the UK population.He or his successors will have to bring in a new Rent Act to keep rents very low.Prices will drop dramatically.