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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Pensioners relying on other financial resources to see them through retirement

Pensioners are increasingly relying on a range of financial resources to ensure that they maintain their standard of living during retirement.

Research from Baring Asset Management (Barings) has revealed that 44% of retirees will not be relying solely on their pension to see them safely through retirement, with other assets and investments also providing a safety net for their twilight years. This news puts less pressure on the importance of any existing annuity agreements that are in place as part of an ongoing pension scheme.

The findings from the research highlighted that pensioners are banking on property, cash and even an inheritance to boost their retirement pots. While 26% argued that they would be relying on cash to up their pension savings in 2011, this has jumped up to a current figure of 29% (an additional 300,000 people).

17% of people are also relying on inheritance to fund their retirement, with this expectation more prevalent in the A/B social segment (the upper and middle classes).

23% argued that inherited assets will form a part of their retirement planning; this is up from 20% from the 2011 survey. The average estimated amount for inheritance funds in the UK is approximately £45,000 per person.

Commenting on the figures, Marino Valensise, Chief Investment Officer at Barings, said:

“It is very surprising to see just how varied retirement funding sources have become for many people in the UK."While diversification is crucial to best-practice asset management, the suitability of some of these sources can be questioned, such as a reliance on inheritance. Overall, the most challenging finding is that nearly half of the adult UK population admit to not having a formal pension at all.”


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