Claire Barker, Chairman of ERSA comments on the Budget

Claire Barker, ERSAFollowing the Chancellor of the Exchequer's Budget Speech, Claire Barker, Chairman of ERSA commented:

"In the Budget, the Chancellor of the Exchequer announced the Government is planning to simplify the pension system and introduce a £140 per week flat-rate state pension. According to research by ERSA this means that the 47% of people currently saving nothing for their retirement would have just over £7,000 per year to live on. And with 63% of people reporting they expect to live on a retirement income of £15,000 per year, there is a clearly a gap in retirement planning which presents a strong opportunity for advisers to discuss the issue with their clients."

"The Chancellor also confirmed he intends to implement the findings of the Hutton Report, which will mean the age at which public sector workers can draw their pension will rise - in most cases in line with those in the private sector. But with half (51%) of people hoping to spend more than 20 years in retirement it suggests many people are not planning to work until their late sixties. For those looking to enter retirement before then, equity release could help bridge the gap between full time work and being able to draw their state pension."

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