Page 30 - Phonebox Magazine October 2014

brings you
Finance Matters
Still a large divide in pension provision in the UK
The Office for National Statistics (ONS) produces numerous surveys, as one would expect, and some of these are more interesting than others. The recent publication of its report ‘Characteristics of People and Households Without a Private Pension’ would be unlikely to top many best sellers lists! However, it does produce some ‘interesting’ information.
The survey covers the period June 2010 – June 2012, a reasonable time period, but stops short of the introduction of auto-enrolment in October 2012. The survey assumes a retirement age of 65 for men and 60 for women. As a whole, for those under these ages, 45% of men and 49% of women were found to be making no private pension savings.
Not surprisingly, the figures were worst in the youngest age groups but there were also differentials depending on the sector people were employed in. For instance, 95% of men and women working in the ‘accommodation and food service industries’ did not pay into a private pension, whereas in the ‘public administration, defence and social security’ sector only 7% of men and 9% of women did
not pay into a private pension. As discussed in recent articles, the figures for the Self Employed were noticeably worse than for the employed.
Perhaps least surprising was the differential caused by income. For employees, 88% of men and 73% of women with earnings over £600 a week had pension provision, compared to those earning under £300 a week which showed just 27% and 18%. In other words, those that need it the most are putting the least emphasis on pensions.
If you would like to discuss or review your own investments or pensions, or look at how we can help implement a strategy for retirement then please call us. Initial meetings are without cost and we are happy to come to see you in the comfort of your own home. See our advert below.
This article does not constitute advice and should not be taken as a recommendation to undertake any course of action mentioned without consulting a relevant professional.
What would your future hold if you could make your money go further?
...if you had invested £1,000 in the best performing IMA Investment Fund at the beginning of 2013 it would have been worth £1,676 by the year end, but if you had chosen the worst, it would have been worth just £342!
This is a clear indication of the importance of selecting the most suitable funds and the need for diversification.
Advison can help you construct a portfolio of investments that take into account your aims, attitude to risk and timescales. Why not contact us today for a free initial meeting.
Our financial advisers will help you to:
• ensure you have a clear financial plan for the future
• provide protection and peace of mind for your family
• make the most of your hard earned savings and investments • save for your retirement
• minimise your personal tax liabilities
• protect your estate for your beneficiaries
...and give you access to ongoing advice and support
Speak to the experts...
Speak to Advison now on 01908 239555
www.advison.co.uk
Advison Ltd is an appointed representative of In Partnership the trading name of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Registered (England) No. 5009271
30 Phonebox Magazine
A5 Invest Ad September 2014.indd 1 17/09/2014 13:25