Savers 'looking at alternatives to pensions'

Tue 9 Mar 2010 - Published in Pensions

People are moving towards alternative investments over fears their pensions will not provide adequate income in retirement, an expert has claimed.

Keith Churchouse, director of Churchouse Financial Planning, said the collapse of several insurance companies over the past decade has led to some doubting the reliability of their pension.

The expert added the longevity of people's lives and the low annuity rates which are being seen at the moment are increasing doubts about pension funds.

"There are many [people] that are not very happy about that, and so many people have switched to things like buy-to-lets … where at least they can see bricks and mortar," he explained.

Mr Churchouse also claimed that some people are investing in Isas as a way to boost their retirement income and hedge against their pension pots proving to be insufficient.

Recent research from the National Association of Pension Funds found that just 34 per cent of people believe their pension will provide them with money for their golden years.

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