Standard Life Announces That Economic Climate Could Force Retirement Rethink

Released on: November 01, 2011, 5:44 pm
Author: Standard Life
Industry: Financial

Standard Life, the savings and investment specialist, has published new insight that suggests that the UK could be heading towards a perfect retirement storm; one in five (21%) of 45-65 year-olds who have financial plans in place to provide for their long term future no longer feel that their financial plans will support them into the future. Six per cent in this age group who aren't already retired don't think they will ever be able to retire, equating to over three quarters of a million people.

Of those who have financial plans in place to provide for their long term future, 64% of 45-65s feel confident that their financial plans will support their future post retirement. Twenty-one per cent of these adults no longer feel their plans will support them into the future, with a further 10% having never felt confident. Thirty-seven per cent of 45-65s have no financial plans in place for their long-term future; yet 72% of people currently aged between 45 and 65 who aren't retired think they will retire between 61 and 70 years old.

John Lawson, Head of Pensions Policy at Standard Life said: "The current financial crisis has brought into sharp focus the need to make and review appropriate plans. This will clearly be challenging but there are many things you can do to make your retirement years as secure as possible."

As part of the Changing Face of Retirement research, Standard life has published a list of top tips to help people re-engage with their financial planning, which includes seeking professional advice, continually reviewing financial goals, making a clear plan, reviewing investments, considering deferment of the state pension and increasing savings. Also included in Standard Life's top tips is to claim tax-relief, as Standard Life estimates that 300,000 people are not claiming this currently.

-Ends-

Notes to editors:
Source: YouGov Plc. Total sample size was 2174, of which 982 adults in the UK were aged 45 - 65. Fieldwork was undertaken between 31st August and 2nd September 2011. The survey was carried out online. The total figures have been weighted and are representative of all UK adults (18+). Source: According to ONS data, as at mid 2010 there were 16,539,200 people in the UK aged between 45 and 65 years if age, of which 76.3% were not retired, or 12,619,409, 6% of that population = 787,451.

Source: http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/DG_179966

About Standard Life:
Standard Life is a leading long term savings and investments company headquartered in Edinburgh and operating internationally. Established in 1825, Standard Life provides life assurance, annuities, life insurance, savings products, investment bonds, tax efficiencies, pension products such as a self-invested personal pension, financial education and investment management to around 6 million customers worldwide.

Standard Life is headquartered in Edinburgh and employs around 9,000 people across the UK, Canada, Ireland, Germany, Austria, India, USA, Hong Kong and mainland China. At the end of June 2011 the Group had total assets under administration of £200bn.

PR Contact:
Nicki Lundy
Standard Life
Ground Floor
Caledonian Exchange
19a Canning Street
Edinburgh
EH3 8EG
0131 245 2737
www.standardlife.co.uk

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