| |
Share, Like & Tweet!
|
|
|
< back to news stories
Retirement Income of Millions Affected by New Accounting Rule
01/06/2011
It was recently reported in the National press that a new accounting rule is reducing pension funds by £43billion. This is due to the awareness that we are living too long and the fact that life expectancy continues to rise.
Men, on average, are currently expected to live 21.4 years after they retire at 65, but this is expected to rise to 25.3 by 2051. This rise is due to more active lifestyles and the widespread reduction in smoking.
The majority of companies have now closed their final salary pensions to new members and there is also a growing trend among firms to close these pensions to existing members as well, with most companies replacing their final salary schemes with less generous defined contribution schemes.
Homeowners aged over 55 years who are concerned about their pension and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.ukfor equity release advice.
|
| |
|