Prudential reveals two in five 2012 retirees want to stay in work

Tue, 08 May 2012 15:23:59 GMT

Prudential has revealed that two in five (40 per cent) people planning to retire this year would be happy to work past 65 if they had the chance.

Prudential's Class of 2012 study, which looks at the finances and expectations of those planning to retire this year, shows that 48 per cent of men and 32 per cent of women would be happy to continue working past the standard retirement age.

The main motivation for more than two thirds (68 per cent) of this year's retirees who want to stay in the workforce past 65, is a desire to remain physically healthy and mentally active, while 39 per cent do not like the idea of retiring and just staying at home. More than half (54 per cent) claim that they enjoy working.

However, despite wanting to stay in work, only 13 per would choose to continue to work full-time with their current employer. Nearly half (49 per cent) of those retirees who want to work past 65 years old would prefer to work part-time, either with their current employer or in a new role, in order to strike a better work life balance.

More than one in 10 (11 per cent) of entrepreneurial retirees would consider starting their own business after the age of 65 or earn money from a hobby in order to keep working. Five per cent would work as charity volunteers.

Recent ONS figures show that average retirement ages are rising, with men now retiring at an average age of 64.6, compared with 63.8 in 2004, and women working until 62.3 years compared with 61.2 previously.

Vince Smith-Hughes, retirement expert at Prudential, said: "There is a new retirement reality taking shape across the UK, with thousands of people actively choosing to work past the traditional retirement age.

"The fact that so many of this year's retirees would keep working on a part-time basis is a strong indication that, for many, working is as much about staying young at heart as it is about funding retirement.

"Gradual retirement is an increasing trend among pensioners, whether this means remaining in the same job on a flexible basis or even setting up their own business. Those retiring at 65 will face an average of nineteen years in retirement which makes the financial and social benefits of working for longer an even bigger draw for a new generation of industrious retirees."

Around the country, those planning to retire this year from the East of England were the most keen to stay part of the workforce with 54 per cent saying that they would choose to work past 65 if they had the option. Half (49 per cent) of Londoners and 45 per cent of people in the South East would also like to continue to work.

However, just 29 per cent of Scots planning on retiring this year would be happy to work past 65 if given the choice, along with 30 per cent of retirees in Wales and in Yorkshire and Humberside, and only 21 per cent of those in the North East.

- ENDS -

Notes to Editors:
Online survey conducted by Research Plus between 2nd and 12th December 2011 among 9,614 UK non-retired adults aged 45+, including 1,003 retiring in 2012.
ONS www.ons.gov.uk/ons/rel/mro/news-release/average-age-of-retirement-rises-as-people-work-longer/pension-trends.html

About Prudential:
'Prudential' is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group, which between them provide a range of financial services including retirement planning, life assurance, and advice on pensions.

Prudential reveals expected retirement incomes hit five year low

Wed, 11 Jan 2012 12:01:26 GMT

Prudential has revealed that people retiring in 2012 expect to live on an average annual income of £15,500 - over £1,000 a year less (6 per cent) than those who retired in 2011. The figures come from Prudential's unique Class of 2012 research which provides insights into the financial expectations of Britons planning to retire in the next 12 months.

The results of Prudential's annual survey, first carried out in 2008, show that expected annual retirement incomes have dropped by more than 16 per cent in the last five years. The Class of 2008 retirees looked forward to a total annual income, including private, company and State pensions, of approximately £18,600 - £3,100 a year more than those planning to retire this year.

In a sign of the on-going financial challenges facing those due to retire in 2012, one in five will get by on an expected annual income of less than £10,000. Meanwhile, around the country there is a regional disparity of more than £5,000 in expected retirement income. Londoners have the highest average expected incomes of £17,900, while those in Yorkshire and Humberside have the lowest at £12,800.

Fewer than two in five (37 per cent) of the Class of 2012 say that they have saved enough to secure a comfortable retirement.

Men are more optimistic about their retirement than women, with 45 per cent of men confident they will be financially comfortable compared with 31 per cent of women. However, nearly one in five (18 per cent) of those planning to retire in 2012 have no idea of the level of income they will need in order to live comfortably.

Vince Smith-Hughes, Prudential's retirement income expert, said: "The current economic climate has created the perfect storm for people in the run up to retirement. The impact of the credit crunch, banking crisis, recession, and concerns over the Eurozone, has been reflected in the fact that expected retirement income levels have hit a five-year-low.”

"It is concerning that expected retirement incomes are going down, while pensioner expenditure is going up. However, there are some practical steps that workers and imminent retirees can take to ensure a more comfortable retirement. For those who are still working, it has never been a more important time to save into a pension. The longer that savings are invested in a retirement pot, the greater the opportunity they will have to grow.”

"However, even those due to retire this year could make their retirement funds generate better incomes. Consulting a professional financial adviser can help savers to make more informed pension saving and retirement income decisions."

-ENDS-

Standard Life reveals losing a loved one is greatest fear in retirement

Wed, 02 Nov 2011 11:34:19 GMT

Standard Life has revealed that a third (32 per cent) of retired Britons declared that losing a partner, loved one or close friend is their greatest fear in retirement.

The savings and investment specialist Standard Life is using the research to encourage the public to consider their estate planning requirements, including the creation of a Will, so they can ensure their loved ones are financially secure after their death.

Standard Life is highlighting to the public they should seek professional advice as the legislation associated with passing on wealth is very complicated and the rules between married and civil partnered couples does not apply to cohabiting couples or close friends. The simplest way for individuals to ensure their estate is paid to the right people is to create a legally binding Will - previous research from Standard Life showed that as little as 48 per cent* of the people in the UK have a Will in place.

Further results from the research shows in light of the current inflationary pressures the public is facing, the rising cost of living (20 per cent) is the retired population's country’s second worst fear in retirement and worries about getting returns on their savings and investments (11 per cent) coming in third for those surveyed.

Julie Curtis, technical manager at Standard Life, said: "Regardless of an individual's age losing a loved one can have a serious financial impact, but this problem is accentuated in retirement. And while married and civil partner couples benefit from the spousal inheritance tax exemption and the transferable nil rate band, cohabiting couples or close friends don’t.

"The complications of dying without a Will can be devastating on others and this is made even worse when going through the heartache of personal loss. Seeking the right advice when creating a Will ensures loved ones will be financially secure and that their wealth is passed on correctly. The cost of creating one will be far less than any legal fees your family, partner or friends will incur in trying to reclaim the estate."

The research also shows that nearly half (47 per cent) of the UK want to leave an inheritance to their children, with a tenth (11 per cent) directing it to their grandchildren.

Julie continued: "It's understandable that parents and grandparents want to pass their wealth on to the next generations and they should ensure they have a Will in place, which reflects this. Dying without one can create a complicated and costly process, possibly causing family rifts and further grief for those left behind."

Ends

Notes to Editors:
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2053 adults. Fieldwork was undertaken between 6th - 8th September 2011. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).

*The sample size of the research was 1,003 and was prepared by ICM Research on behalf of Standard Life in December 2010

About Standard Life:
Established in 1825, Standard Life is a leading provider of long term savings and investments to around 6 million customers worldwide. Headquartered in Edinburgh, Standard Life has around 9,000 employees across the UK, Canada, Ireland, Germany, Austria, India, USA, Hong Kong and mainland China.

The Standard Life group includes savings and investments businesses, which operate across its UK, Canadian and European markets; corporate pensions and benefits businesses in the UK and Canada; Standard Life Investments, a global investment manager, which manages assets of over £157bn globally; and its Chinese and Indian Joint Venture businesses.

Standard Life plc is listed on the London Stock Exchange and has approximately 1.5 million individual shareholders in over 50 countries around the world.

Standard Life announces that economic climate could force retirement rethink

Tue, 01 Nov 2011 16:24:35 GMT

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.

Standard Life reveals inflation can reduce a retiree's purchasing power by 68%

Fri, 28 Oct 2011 16:52:39 GMT

Standard Life, the savings and investment specialist, has warned that the effects of inflation can seriously damage one's retirement wealth. New data released today shows that a 90-year-old who retired in 1981, when petrol cost 35p a litre, would have seen the purchasing power of a £10,000-a-year level pension income fall to just £3,207 today.

John Lawson, Head of Pensions Policy at Standard Life said: "Inflation can have a huge impact on the purchasing power of your retirement income. As people are living longer, retirement income needs to go that much further, with a 60-year-old man retiring today living on average for another 26 years.

"Our research shows that 57% of people do recognise that an income keeping pace with inflation is attractive. But currently, and somewhat inevitably, the majority go for the higher starting income of a level annuity, leaving only 3% choosing an inflation linked annuity. This is perhaps understandable given that annuity rates have reached record lows and level annuities start at a higher rate than their inflation linked alternatives.

"People approaching retirement need to consider their own personal inflation rate may be higher in the future than that of the average person in the UK due to the types of products and services they will consume. After 10 years in retirement, a 60-year-old man who had purchased a RPI linked annuity with a fund of £100,000 could achieve a higher annual income than someone who had purchased a level annuity."

An example provided by the data shows the purchasing power in today's money of a £100,000 pension fund being used by a 60-year-old man retiring in October 2011 to purchase a level or RPI-linked annuity. Various rates of inflation are shown over a 30-year period. If inflation averaged 7% over a ten-year period, the then 70-year old man would begin to receive a higher annual retirement income than if he had purchased a level annuity.

Please note in this example the level annuity receives a higher starting income than the RPI-linked version. At year 10, with inflation at 7%, there is a crossover when the RPI-linked annuity annual income exceeds the level annuity annual income. At year 22, the total payments from the RPI-linked annuity exceed the total payments from the level annuity.

Lawson concluded: "Low inflation has persisted for the last 15 years or so, but there is no guarantee that it will continue. Rising world demand for food and fuel, without a similar increase in supply, has seen prices for the basics rocket. People retiring today need to consider that they will still need to pay for food, fuel and other essentials for a long time into the future and that these basic items are likely to cost a lot more in 10 year’s time than they do today.

"There are many options to consider at retirement which could minimise the impact of inflation on your income, so seeking financial advice is vital."

Prudential reports pensioner inflation to cut spending power 60 per cent over a 20 year retirement

Mon, 05 Sep 2011 11:07:39 GMT

Prudential has revealed that pensioners retiring this year on a fixed income could lose 60 per cent of their spending power over the course of a 20 year retirement.

Analysis from Prudential shows that the average person retiring in 2011 expects an annual income of £16,600, but if that income remains fixed it will be worth a mere £6,700 in today's money in 20 years' time - effectively a £10,000 pay cut. In fact, assuming that inflation remains at its current level, pensioners will need their retirement income to more than double (to over £40,000), if they expect to maintain their standard of living for the next 20 years.

Pensioner inflation or 'Silver RPI' is higher because people of retirement age spend a greater proportion of their income on goods and services that are subject to the highest rates of inflation - such as food and fuel.

Vince Smith Hughes, Head of Business Development at Prudential, said: "Pensioners on a fixed income are particularly vulnerable when it comes to rising living costs and our figures demonstrate the true extent to which 'Silver RPI' impacts on the spending power of those in retirement.

"There are alternatives to a fixed income in retirement, for example choosing a flexible income plan that has the potential to grow could help many retirees to mitigate the effects of increasing living costs. We recommend that people approaching retirement seek professional financial advice to help them understand all the retirement income options open them."

Research by Age UK recently found that 'Silver RPI' has averaged 4.6 per cent a year since January 2008 - nearly 50 per cent more than the 3.1 per cent average annual inflation recorded by the Retail Prices Index (RPI) over the same period.

- ENDS -

Notes to Editors:
* Prudential's Class of 2011 retirement research, a survey conducted by Research Plus between 6 and 14 December 2010 using an online methodology among 10,143 UK non-retired adults aged 45+ including 1,005 planning to retire in 2011
** Pensioner inflation figures based on data from - 'Age UK Enterprises Silver RPI - Measuring the true impact of inflation on those in later life' – 11 May 2011
http://www.ageuk.org.uk/Documents/EN-GB/silver_rpi_wave_3_white_paper.pdf?dtrk=true

About Prudential:
'Prudential' is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including money advice, life assurance, advice on planning for retirement, which includes pensions and annuity service.

Standard Life reports Spain tops overseas retirement hotspots

Wed, 24 Aug 2011 14:47:44 GMT

Standard Life has revealed the top retirement hotspots outside the UK with the Spain at the top of the list, followed by Australia, USA, France and Ireland.

John Lawson, Head of Pensions Policy, Standard Life commented: "Retiring abroad is a dream for many people, but does require careful planning and advice. Many people think living abroad is cheaper than living in the UK, but this isn't always the case. Doing your homework in advance of moving, matching your retirement income and expenditure, and making the appropriate decisions around purchasing an annuity or using income drawdown are key considerations. Your retirement income could also be subject to exchange rates and currency fluctuations, as well as local tax laws.

"You also need to think about your state pension and what, if any, reciprocal agreement is in place. A reciprocal agreement entitles you to any increases in the UK state pension paid for by the country you retire to. However, if there isn't a reciprocal agreement in place, then you need to be very careful your retirement income is sufficient to cover your living costs over a long period of time. Over a 20 year retirement, your basic state UK pension could halve in real terms if a reciprocal arrangement is not in place."

If an individual moves abroad permanently, any increases in their UK state pension will only apply if they are living in an EU country (including Gibraltar and Switzerland), or a country with a reciprocal social security agreement with the UK. Where the individual is living outside these countries, the amount of UK state pension they will receive each year is frozen at the amount initially paid when first claimed (or if the pensioner emigrated more than one year after payment began, at the rate in force when emigrating). Popular retirement countries outside these reciprocal agreements include Australia, Canada, New Zealand and South Africa.

Those who are considering retiring abroad in the future, but are wondering if their retirement savings will be sufficient can go to www.yourfuturemoney.co.uk, where they can check if their retirement planning is on track.

- Ends -

Notes to editors:
- In August 2010, the top retirement hotspots were: 1st Spain; 2nd France; 3rd USA; 4th Canada; 5th Ireland.
- Standard Life currently pays pensions to over 3,000 people using an overseas bank account.
- A list of European Union countries and countries that have reciprocal arrangements with the UK is available from the DWP website: www.dwp.gov.uk/international/social-security-agreements/list-of- countries/. A reciprocal social security agreement is where the country of residence agrees to increase the state pension in line with any increases in the UK.

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 ISAs, life assurance, annuities, mutual funds, investment bonds, tax efficiencies, financial planning advice, and investment management to over 6.5 million customers worldwide.

Standard Life reveals the most popular retirement top-up plans

Wed, 18 May 2011 16:20:42 GMT

Standard Life research* has revealed the most popular retirement top-up plans for people who have saved into a pension. Alongside using other investments (43%), nearly a quarter (24%) are expecting inheritance will help fund their retirement, while others are planning equity release on their main home (10%), using rental income / sale of a property (23%) or using a partner or spouse's income (16%).

The research found that 7% of over-55s don't plan to retire or have a pension plan, even though they had been saving into a pension. Using the state pension or other state benefits (76%) was the favoured choice of the majority of people. 23% of women are expecting to receive a retirement top-up from their spouse, while 13% of men make the same assumption.

John Lawson, head of pensions policy at Standard Life said: "Nearly half a million people in the UK over 55 are not planning to retire. This shows our attitudes towards retirement are changing, as people consider the implications of working and living longer than ever before. We know that many people want to continue working on their own terms, while some will want to start a new business or learn a new skill.

"Unfortunately, some may not have got their financial planning quite right. The realisation of reaching 65 and having to fund another 30 years in retirement has made them rethink their future plans.

"Relying on certain sources of income, for example an inheritance, could leave you short changed, so seeking the right financial advice early on and taking practical steps to ensure you don't have all your eggs in one basket may prove a prudent move in later years."

To help support people when making investment decisions, Standard Life has recently launched a range of investment funds, called MyFolio**. The MyFolio funds are a family of carefully constructed risk-based portfolios that offer clients a choice of active and passive investment strategies across five risk levels. Three styles are available to suit each clients’ investment philosophy: MyFolio Market Funds, Standard Life MyFolio Funds and MyFolio Multi-Manager Funds.

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, investment funds, stocks & shares ISA, tax efficiencies, pensions including self-invested personal pensions (SIPP) company pensions and employer pensions, and investment management to over 6.5 million customers worldwide.

Notes to Editors:
*All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,211 adults in the UK who are working and have a defined benefit, defined contribution pension and / or a personal pension. Fieldwork was undertaken between 26th-29th November 2010. The survey was carried out online.

**MyFolio can be accessed via both a Stocks and Shares ISA and Active Money Personal Pension. MyFolio is a family of carefully constructed risk-based portfolios, managed by Standard Life Investments. A committee oversees the fund research process and includes independent experts from outside the Standard Life group.

Prudential reveals two in five planning to retire in 2011

Wed, 27 Apr 2011 15:42:53 GMT

Prudential has announced that two in five people are planning their retirement for 2011, even though many have received no advice or have relied solely on non-professional advice.

Two in every five people planning to retire in 2011 will do so having relied on non-professional advice as their main financial information source in the run up to retirement. Prudential's Class of 2011 research studied the financial plans of this year's retirees and found that 43 per cent have received no professional advice or relied on the internet or the media for most of their pension advice.

However, more than a quarter (28 per cent) of people intending to retire this year received most of their financial information from an IFA - a figure that remains unchanged since last year. But the study shows there is an increasing trend for people to conduct their own research before seeking pre-retirement financial advice. Half of those who said that an IFA was their main source of retirement income advice had also carried out research online and via the media - an increase from one in three in 2010.

Prudential also found that nearly one in ten (9 per cent) are relying on employers for pre-retirement financial advice advice while another 16 per cent are putting their faith in a mix of friends and family, pension providers and banks.

Russell Warwick, distribution strategy director at Prudential, said: "These results show that there is a genuine advice gap for people in the run-up to retirement. The majority of people due to retire this year will miss out on professional advice and could potentially be making mistakes when planning for their retirement income.

"It is imperative for people looking to secure their retirement income to start saving as much as they can as early as they can and in the years immediately prior to retirement I would also recommend a consultation with a professional adviser on an annual basis.

"Our research has also found that the numbers seeking financial advice prior to retirement in 2011 have not changed since last year. This highlights the work that we as an industry will need to undertake to increase consumer understanding of the value that advisers can add in the run up to the implementation of the Retail Distribution Review next year."

According to Prudential's research, men are more likely to seek financial advice than women in the run up to retirement. Around 34 per cent of men intending to retire this year cited IFAs as their main source of advice, compared with 24 per cent of women.

People in Yorkshire & Humberside (34 per cent) and Londoners (32 per cent) are the most likely to have received the majority of their retirement advice advice from a professional adviser.

About Prudential:
"Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including annuities, life assurance, bond investment, pension scheme, a tax calculator, retirement plans and a pension guide.

Prudential offers customers pensions and annuities, pensions retirement income, insurance and investment opportunities.

Notes to Editors:
Survey conducted using online methodology by Research Plus between 6 and 14 December 2010
among 10,143 UK non-retired adults aged 45+ including 1,005 planning to retire in 2011 using an online methodology.

M&S Money reveals half of over 45s not saving for retirement

Mon, 04 Apr 2011 11:47:21 GMT

M&S Money has revealed that almost half (47%) over-45s are not saving for their retirement, and furthermore, those who are saving are not taking advantage of the tax breaks offered by using ISAs.

As the end of the tax year approaches, M&S Money surveyed more than 1,000 people over the age of 45 to find out how they are planning to save for their retirement.

The findings show that of those who are planning for retirement, the majority are not taking advantage of tax-free ISAs to help boost their retirement savings. Two thirds (66%) of over 45s are not saving into Cash ISAs while more than eight in ten (84%) are not saving into a Stocks & Shares ISA savings account.

For those who do save into ISAs, over half (52%) admit they have not saved the full tax allowance this year, while just 30% of people plan to save the full tax allowance of £10,200 by the April 5th deadline.

The total average amount held in Cash ISAs for those who have saved is £18,334 - almost £21,000 less than the total possible allowance of £39,300 since they were launched in 1999. The average amount this age group has saved in their Stocks and Shares ISAs is slightly higher at £19,077; however this is £68,500 less than the maximum £87,600 they could have saved to date.

Based on average Cash ISA rates over the past eleven years and using the full Cash ISA allowance each year, savers could have earned an additional £7,931 in interest.

Colin Kersley, Chief Executive of M&S Money commented: "The news agenda has been dominated with proposed changes to pensions over the past few months, and people approaching retirement need to ensure that they have sufficient savings to provide an adequate income for themselves.

"It is of utmost importance that people of all ages are saving and planning for retirement, but even more so for those who are approaching this stage in life. Taking advantage of the tax breaks of ISAs is one way that savers can help to boost their retirement savings."

- ENDS -

Notes to Editors
All figures, unless otherwise stated, are from YouGov Plc. The Online survey was carried out between the 25th and 28th February for M&S Money and questioned 1,122 adults aged 45+. The figures have been weighted and are representative of all GB adults (aged 45+).

*Interest Rate source: Bank of England Average Cash ISA rates

About M&S Money:
M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc.

The company is a top-ten credit card provider and the second-largest travel money retailer in the UK. M&S Money also offers a range of insurance cover, including home insurance and car insurance, as well as loans, savings and investment products, including fixed rate savings and various cash isa savings rates.

In November 2004, Marks & Spencer sold M&S Money to HSBC. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,000 offices in 87 countries and territories in Europe, the Asia-Pacific region, North America, Latin America and the Middle East. With assets of US$2,418 billion at 30 June 2010, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.

M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

Prudential reveals number of poverty line pensioners on the rise

Thu, 31 Mar 2011 16:38:44 GMT

Prudential has revealed that more than a third (35 per cent) of people planning to retire in the UK this year will do so with incomes below the poverty line.

To meet its minimum income standard the Joseph Rowntree Foundation, the charity that funds a large, UK-wide research and development programme, estimates that a single person in the UK needs at least £14,400 a year, yet 35 per cent of those retiring in 2011 will have a retirement income below this level, up from 32 per cent in 2010.

Prudential's Class of 2011 study surveyed people intending to retire this year and also revealed that nearly one in five (19 per cent) will retire on an annual income of less than £10,000 a year.

Women planning to retire this year are even more likely to have incomes below the poverty line. 40 per cent of women retiring in 2011 will have a pension income of less than £14,400 compared with 30 per cent of men. Prudential's research also found that a quarter (26 per cent) of women compared with 12 per cent of men will retire this year with less than £10,000 a year to live on.

Vince Smith-Hughes, Head of Business Development at Prudential said: "Although our research shows that increasing numbers of those planning to retire will face tough financial decisions, there are many options available to boost retirement income.

"People approaching retirement should seek professional financial advice as a prerequisite to maximising their income. We would recommend that you review your finances with an adviser annually in the years immediately before your planned retirement.

"Following the simple advice to start saving as much as you can as early as you can should help to secure the retirement income you want and need. Making voluntary National Insurance contributions should also help to boost retirement income for people who have had breaks in National Insurance payment during their working lives."

Prudential's Class of 2011 research also found that those planning to retire in Wales and south east England this year are most likely to face retirement poverty. 42 per cent of this year's planned retirees in Wales will do so with an income below the poverty line with 27 per cent expecting an income of less than £10,000. In the south east of England two-fifths (39 percent) of those planning retirement in 2011 will do so with incomes below the poverty line and a quarter expects to live on less than £10,000 a year.

- ENDS -

Notes to Editors:
The information contained in Prudential UK's press releases is intended solely for journalists and should not be used by consumers to make financial decisions.

Survey conducted by Research Plus between 6 and 14 December 2010 among 10,143 UK non-retired adults aged 45+ including 1,005 planning to retire in 2011 using an online methodology.
According to the latest research by the Joseph Rowntree Foundation the Minimum Income Standard for the UK is currently £14,400 a year.

About Prudential:
"Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including annuities, life assurance, bond investment, a tax calculator and retirement plans, which include pension schemes, a pension calculator and pension advice.

Prudential offers customers pensions and annuities, pensions retirement income, insurance and investment opportunities.

Prudential research finds most new pensioners considering working beyond retirement

Wed, 02 Mar 2011 11:29:16 GMT

According to figures from the latest Prudential Class of 2011 research, 62% of those who had planned to retire in 2011 would consider postponing their pension and continuing to work in order to boost their retirement income.

Of those considering putting off their retirement, 46% said they will definitely have to continue to work in order to supplement their pensions or build up their savings further.

Prudential's Class of 2011 study surveyed people intending to retire during the forthcoming year. The findings highlight the growing trend for part-retirement in the UK as pensioners face up to the reality of funding a far longer period of retirement.

Of those initially intending to retire in 2011 but now planning to continue working, 53% said they would like to stay with their current employer - either working part-time or fulltime - while 11% plan to seek part-time work with a new employer.

The survey results also show that 32% of those due to retire in 2011 would consider working for up to another two years if it guaranteed them greater retirement income.

22% reported they would work for another two to five years, while 8% would be prepared to work for five to 10 years to boost their retirement pot.

Vince Smith-Hughes of Prudential said: "The only realistic option for people who want to avoid having to continue to work beyond the traditional retirement age, is to save more and to start saving earlier. Seeking advice from a financial adviser should be a prerequisite to ensuring you achieve the level of pension income you want and need.

"Since 2007 studies by Prudential have identified part-retirement as a growing trend – a trend that looks set to continue in 2011. This year will see the phasing out of the default retirement age, making it easier for those wishing to stay on at work. Additional retirement income is also becoming more important as the security of a defined benefit pension scheme disappears for many people.

Prudential's research also showed that 19% of those planning to retire this year are not willing to work any longer, even if that decision means they will struggle financially in years to come. Only 12% of the Class of 2011 reported that they have ruled out working beyond their planned retirement because they feel that they have already saved enough for a comfortable retirement.

The number of new pensioners considering working beyond their planned retirement age in 2011 (62%) has increased since last year when 57% of those questioned said that they would consider continuing to work in return for a higher retirement income.

ENDS

Notes to editors
The information contained in Prudential UK's press releases is intended solely for journalists and should not be used by consumers to make financial decisions. Full consumer product information can be found at on the Prudential website.

Survey conducted by Research Plus between 6 and 14 December 2010 among 10,143 UK non-retired adults aged 45+ including 1,005 planning to retire in 2011 using an online methodology.

Prudential offers customers pensions and annuities, pensions retirement income, insurance and investment opportunities.

Prudential reveals results of Class of 2011 study

Mon, 24 Jan 2011 16:11:36 GMT

Prudential has revealed the results of its Class of 2011 study, which investigates how much pension money this year's retirees will have to live off.

The average person retiring this year expects to have an estimated total annual income of £16,559 including any private pensions and State Pension, according to figures from Prudential's Class of 2011 survey. One in five (19 per cent) of 2011's new pensioners expect to live on less than £10,000 a year.

The Class of 2011 is marginally better off than those who retired in 2010 when the average estimated income for those planning to retire was £16,509. By comparison average estimated retirement income in 2009 was £17,779 and £18,663 in 2008. The figures also show that the average age of those expecting to retire in 2011 is 60, while 19 per cent of this year's expected retirees will do so below the age of 55.

Prudential welcomes the fact that expected incomes have stabilised after two years of falls but is urging savers to take increased responsibility for retirement planning by starting to save as early as possible and increasing the amounts they save into pensions year on year.

Results of the survey suggest that in light of the current economic climate just two in every five people (39 per cent) believe they have saved enough for a comfortable retirement.

Nearly half (45 per cent) are convinced they have not saved enough while another 16 per cent do not know whether their savings will be sufficient, the study shows. Men are more optimistic than women with 48 per cent of males believing they have saved enough compared with 30 per cent of females.

Vince Smith-Hughes of Prudential said: "The fact that expected incomes for those retiring in 2011 have stabilised after two years of decline is good news.

"The Class of 2011 survey and previous studies conducted since 2007 by Prudential underline the message that the best option is to save more and to start saving earlier. Seeking early advice from a financial adviser should be a prerequisite to ensuring you achieve the level of pension income you want and need."

The Prudential study shows people retiring in Yorkshire and Humberside and the North West in 2011 are the most optimistic about their savings - 45 per cent of those in Yorkshire and Humberside believe they have saved enough with their pension plan while 44 per cent in the North West are confident about having a comfortable retirement.

However just 20 per cent of people retiring in Wales in 2011 are confident about a comfortable retirement and only 28 per cent of Londoners believe they have saved enough.

Notes to Editors:
The information contained in Prudential UK's press releases is intended solely for journalists and should not be used by consumers to make financial decisions. Full consumer product information can be found at www.pru.co.uk.

Survey conducted by Research Plus between 5 and 10 December 2010 among 10,143 UK non-retired adults aged 45+ including 1,005 planning to retire in 2011 using an online methodology.

Prudential offers customers pensions and annuities, pensions retirement income, insurance and investment opportunities.

Prudential reveals 1 in 3 UK couples know nothing about their partner's finances

Tue, 31 Aug 2010 11:11:49 GMT

Prudential has revealed new research that shows UK couples could be risking poverty in old age because they are failing to talk to one another about financial planning for their retirement.

The study found that nearly a third of couples (32 per cent) aged 40 and above but not yet retired* say they don't know or understand the details of their partner's retirement savings, with more than a fifth (22 per cent) saying they have never talked to their partner about financial planning for retirement.

The findings from new research commissioned by Prudential reveal that women are even less likely than men to discuss financial planning for retirement with partners, with almost a quarter of women (24 per cent) saying they have never discussed this, compared to almost one in five men (19 per cent).

And a further 12 per cent of women and 11 per cent of men say they know nothing about their spouse or partner’s finances - and they're not really interested. This lack of interest could be compounding low levels of financial awareness.

To help people prepare for their retirement, Prudential has produced a decade-by-decade guide to the conversations couples need to have at pru.co.uk/couplesconversations. Suggested subjects include making a will, discussing pensions and how much to save, talking about when to retire, working out retirement income, reviewing total savings, researching annuity options and when to buy, checking National Insurance contributions, talking about housing options, leaving an inheritance, and agreeing on long term care.

Andy Brown, investments director at Prudential, said: "It is incredible that so many people do not know the details of their partner's retirement savings. Essentially, this could mean millions of UK adults are banking on hope as their core retirement strategy and are approaching what is arguably the most important financial decision without a full understanding of their household financial situation.

"It's astonishing that one in 10 men and women say they're not interested in their partner's retirement savings arrangements. Firstly, couples should strive to have open conversations with one another but they also should aim to be constructive and use these conversations to begin laying the foundations for their retirement planning. The reason this is so important is because the longer retirement planning goes unresolved the harder it is for couples later in life to try and get a decent financial retirement plan in place."

When asked about their spouse or partner's finances, those in the North admitted to having the lowest levels of awareness or understanding while those in the South East and East Midlands claimed to have a much better grasp.

Affluence plays a critical part in the extent to which couples talk to each other. Almost three-quarters (73 per cent) of those surveyed who said they had discussed financial planning for retirement with their partners within the past year have a household income of more than £70,000 per annum while half (50 per cent) of those surveyed have a household income of less than £20,000 per year.

-Ends-

Notes to Editors:
*Survey conducted by Research Plus between 6–14 July 2010 among 1,172 UK adults aged 40+ currently living with their spouse or partner. The research used an online methodology.

About Prudential:
"Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including AEGON. With the new secure income option on our Investment Control bond we are meeting the needs of our customers who are looking for security and peace of mind with their investment.

“Recent market volatility is likely to make investors even more cautious, especially those approaching or in retirement, and therefore make them even more likely to look for products offering guaranteed levels of income.”

Advisers can find out more by contacting their local AEGON consultant or by visiting www.aegon.co.uk/secureforlife

- Ends -

Further information

Mark Locke
Media Relations Manager

AEGON
0131 549 3766/ 07740 897986

Kevin Brown
Media Relations Manager
AEGON
0131 549 2859/ 07740 897282

Notes to Editors

- On 22 June AEGON announced that it intends to focus its business strategy on the UK ‘at retirement’ and corporate pensions markets.

- In the UK AEGON offers pensions, life insurance, asset management and financial advice to around two million customers. AEGON UK has assets under administration of £53.6 billion and employs approximately 4,500 staff.

- As an international life insurance, pension and investment company based in The Hague, AEGON has approximately 28 thousand employees world wide and 40 million customers in the Americas, Europe and Asia. AEGON's revenue generating investments totalled EUR 388 billion at 31 March 2010.

AEGON welcomes steps to make pensions legislation fit for the 21st century

Mon, 19 Jul 2010 12:19:27 GMT

AEGON says the Government’s consultation on ending the effective requirement to purchase an annuity at age 75 by 2011, published today, is a significant step towards making pensions legislation fit for retirement in the 21st century.

AEGON believes the current rule, which forces people to take retirement income by their 75th birthday, denies people the flexibility they need to manage their income needs in later life.

AEGON welcomes the review’s proposals to give people greater choice in how and when they take income and tax-free cash in retirement and ending the arbitrary cliff edge for tax on death benefits at age 75. However it also cautions that removing the age 75 trigger for action is likely to mean people will need more advice to help them make the right decisions on securing their retirement income.

AEGON also urges the Government to resist taking a piecemeal approach to further legislative changes. AEGON has previously called for an overhaul of the retirement tax rules to reflect increases in longevity and the changing nature of retirement. AEGON believes this is essential to create the more flexible framework future retirees will demand.

Kate Smith, Pensions Development Manager, says:

‘Overhauling antiquated rules to give people more choice is a very welcome move from the new Government. We have to recognise that retirement has changed and a fresh and more flexible approach is needed to meet the demands of a new generation of retirees.

‘But if we want a premier retirement framework that’s truly fit for purpose in 21st century UK we need to stop making changes in isolation. We must take this opportunity to have a complete overhaul of retirement rules and consider how they tie up with long-term care provision. We need to look at what will encourage people to start and keep on saving in a pension and how we can give them the flexibility and security in income they need as they move through the different stage of retirement. We look forward to working with the Government to achieve this aim.’

Notes to editors
AEGON published its suggestion for a holistic approach to reviewing retirement legislation in its Pensions Manifesto: The Pensions Crunch – proposals for change, in April 2010.
In the UK AEGON offers pensions, life insurance, asset management and financial advice to around two million customers. AEGON UK has assets under administration of £53.6 billion and employs approximately 4,500 staff.
As an international life insurance, pension and investment company based in The Hague, AEGON has businesses in over 20 markets in the Americas, Europe and Asia. AEGON companies employ approximately 28,000 people and serve some 40 million customers across the globe. AEGON’s revenue generating investments totalled EUR 388 billion at 31 March 2010.
For further information
Kate Smith
Pensions Development Manager
T. 0131 549 6445

Margaret Robertson
Press Relations Manager
T. 0131 549 6798 | M. 07740 897527

AEGON Welcomes Speedy Review of Automatic Enrolment

Thu, 24 Jun 2010 16:49:01 GMT

AEGON welcomes today’s announcement by the Department of Work and Pensions of a ‘thorough and speedy review’ of automatic enrolment into workplace pensions. AEGON says the terms of reference for the review mirror the calls made in its Pensions Manifesto published in the run up to the election.

AEGON suggests the speed of the review is particularly welcome as employers and providers need time to prepare for the reforms to avoid further slippage of the 2012 timetable.

The company is also encouraged by Steve Webb’s comment that the review is designed ‘to make sure that it pays to save’.

AEGON has repeatedly argued that concerns about the impact of means testing on pension savings must be addressed if the aim of pensions reform, to get more people saving more money for retirement, is to succeed.

AEGON has previously set out proposals to remove the groups most at risk of losing out through means testing in retirement by restricting the size of the automatic enrolment pool. AEGON proposes that:

· the automatic enrolment trigger should be doubled from £5,035 to around £10,000
· the upper age limit should be reduced to 55
AEGON also suggests that the burden on small businesses and the overall costs of the reforms could be reduced by exempting businesses with less than five employees, at least at outset. AEGON encourages the DWP to look closely at ways to simplify responsibilities for all employers to make it easier for them to implement the reforms.

Kate Smith, pensions development manager, said:

“AEGON has long argued that more needs to be done to reduce concerns about the impact on hard earned savings of means testing in retirement. Removing the most vulnerable groups from automatic enrolment would be a key step in the right direction. That’s not to say these people can’t join if they want, rather the default should be set so they would have to choose to opt in.

“It’s encouraging that the government is looking again at the auto enrolment criteria and plans a speedy review. Employers and providers need time to prepare if the timetable isn’t to slip further and we need to find ways to make it easier for employers to take on their new responsibilities. We look forward to working with the DWP to get a workable solution.”

-Ends-

For further information:
Margaret Robertson

Tel: 0131 549 6798

Mobile: 07740 897527

Kate Smith

Pensions Development Manager

Tel: 0131 549 6445

Notes to editors

· Details of the DWP review can be found at www.dwp.gov.uk/policy/pensions-reform/workplace-pension-reforms
· AEGON published it’s suggestions for a review of the automatic enrolment criteria in its Pensions Manifesto: The Pensions Crunch – proposals for change, in April 2010.

Prudential reveals just one in five seek financial advice in run up to retirement

Mon, 24 May 2010 17:29:05 GMT

According to Prudential research, people approaching retirement could be missing out on valuable guidance by choosing to shun the services of a professional financial adviser. The survey found that only 19 per cent who said they were planning to retire in 2010 got their pre-retirement advice from a financial adviser.

Prudential's Class of 2010 report has also found that 35 per cent got their financial advice from friends, 10 per cent from family and 25 per cent newspapers, magazines and the internet, however fewer than one in 10 people (9 per cent) who had done their own research from newspapers, magazines or the internet then went on to seek professional financial advice regarding their retirement planning.

Vince Smith-Hughes, head of retirement income at Prudential, said: "There's no doubt that the internet and all the various personal finance magazines and newspapers provide a wealth of useful information for people planning their retirement. But if people rely solely on this information to make a financial decision, it could lead to serious misdiagnosis and people could end up making irreversible decisions which leave them financially disadvantaged.

"The low take-up of financial advice could also be a wake-up call for the industry and regulators. The fact that relatively few consumers appear to take financial advice highlights the need to develop advice services which can address the issue of consumer access, and perhaps the industry could also do more to encourage people approaching retirement to take advantage of the expertise which are already available from advisers.

"I suspect that one reason for low take-up of financial advice is that people are reluctant to pay for it, but I firmly believe there's no substitute for expert professional financial advice. Like many services which require skill and a detailed knowledge of the market, financial advice does cost money."

Men are more inclined to consult a financial adviser about an endowment or their pension plan than women according to Prudential's research (22 per cent compared to 15 per cent), while more women than men tend to seek their advice from friends or family and newspapers, magazines or the internet (38 per cent compared to 32 per cent).

The information contained in Prudential UK's press releases is intended solely for journalists and should not be used by consumers to make financial decisions. Full consumer product information can be found at www.pru.co.uk.

- ENDS-

Notes to editors:
* Survey conducted by Research Plus between 3-10 December 2009 among 1,001 UK adults aged 45+ using an online methodology.

About Prudential:
"Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including life assurance, pensions, savings and investments and an income tax calculator. Registered Office at Laurence Pountney Hill, London EC4R 0HH. Registered number 15454. Authorised and regulated by the Financial Services Authority.

Prudential warns of widespread over-reliance on state pension

Fri, 29 Jan 2010 12:00:19 GMT

According to new research* from Prudential, nearly a fifth (18%) of people planning to retire in 2010 will be retiring on the State Pension and savings.

But 31% of the people surveyed in Prudential’s nationwide Class of 2010 study either do not know how much the basic State Pension pays or over-estimate the individual weekly amount by £25 or more.

Prudential warns the basic State Pension alone may not provide sufficient retirement income for many and urges people who are still working to save as much as possible for their old age in company and personal pensions as well as savings and investments.

"Given that so many people expect to retire on the basic State Pension, particularly when only half know how much it pays, there is still a clear need for people to understand the consequences of not making adequate provision for their retirement," said Martyn Bogira, Director of Defined Contribution Solutions at Prudential.

"If the basic State Pension is your only source of income you could be in an extremely precarious position financially. Just one significant financial emergency, like your central heating system unexpectedly breaking down, could cause serious financial hardship for people expecting to retire on the State Pension alone.

"On its own the basic State Pension, paying just under £5,000 a year**, should only really be used to supplement other sources, such as income from a pension or an annuity.

"We would urge people to pay as much as they possibly can into their retirement savings, because the State alone is unlikely to be able to support you in your retirement. The sooner you start saving, either into a company pension, personal pension or other savings, the greater the amount of money you can build up to help provide for you when you do come to retire."

Average expenditure in households headed by someone aged 65 to 74 was £321 a week, according to the most recent Office for National Statistics figures from 2007***, and £218 a week for households headed by someone aged 75 or over, but today the basic State Pension for married couples lags behind this figure by paying £152.30 a week.

Prudential’s research shows just 29% of those planning to retire in 2010 estimate the State Pension pays £90 a week and 21% estimate £100 a week – the actual maximum amount for an individual is £95.25 a week**. Another one in four of people (24%) believe the State Pension pays between £110 and £175 a week while 7% simply said they didn’t know how much it pays.

The Prudential survey found that the State Pension will, on average, account for just over 34% of income in retirement for those people who say they plan to retire in 2010. Other sources include:
- Company pension: 36%
- Other savings and investments: 11%
- Personal pension: 9%
- Part-time job: 6%
- Property: 2%
- Releasing capital/equity from home: 1%

Please note:
The information contained in Prudential UK's press releases is intended solely for journalists and should not be used by consumers to make financial decisions. Full consumer product information can be found on the Prudential website.

ENDS

Notes to editors:
* Online survey conducted by Research Plus between 3-10 December 2009 among 6,073 UK adults aged 45+.
** Basic state pension for a single person: £95.25 per week x 52 weeks = £4,953 per year. Basic State Pension for a married couple: £152.30 per week.
*** Pensioner Income & Expenditure c

Prudential reveals workers beyond retirement age to double in 10 years

Wed, 11 Nov 2009 14:52:03 GMT

Prudential has revealed that UK businesses are bracing themselves for a surge in staff looking to delay retirement with around 1.8 million people expected to be working beyond traditional retirement ages in just 10 years.

The findings from new research* commissioned by Prudential among finance directors at UK businesses found 24% of companies expect staff to work beyond retirement age in the next 10 years, with the proportion of people in the workforce who are past traditional retirement ages expected to more than double to 1.8 million people**.

Larger companies expect to see an even greater proportion of their workforce working beyond retirement, with 39% of finance directors at larger firms expecting to have to accommodate requests from staff to work longer.

UK companies anticipate this will mean around 6.3% of their workforce (equivalent to 1.8 million people across the UK working population) will be made up of people working beyond statutory retirement ages in 10 years, more than double the current proportion of 2.6% of company workers (equivalent to around 752,700 people***) who currently work past retirement.

The study also found that in the past 12 months alone, 7% of finance directors have reported an increase in the number of employees asking to work past traditional retirement ages.

Martyn Bogira, Prudential’s Director of Defined Contribution Solutions, said: "As health and longevity continue to improve and people look to fund a longer life in retirement, it is inevitable that compromises have to be made.

"The statutory retirement age for men and women is due to rise to 68 by 2046, so working longer will be a fact of life for those entering the workforce today but these findings suggest that increasing numbers of pensioners will be forced to work later far sooner than this. Employers have told us that their staff costs could rise as their employees work for longer.

"Workers face the stark choice of either having to save more for their pension from an earlier age or having to work longer if they are to avoid taking a significant drop in their standard of living in retirement. Early pension saving is critical and we strongly encourage people not to delay starting a pension."

The research also identified a clear North/South divide. Companies in the north of the country expect an average of 16.2% of their staff to work past the statutory retirement age compared with an average of 2.4% in Greater London and the South East.

- ENDS -

Notes to Editors:
* Survey conducted by Continental among 507 financial directors of UK companies, 300 from small and medium sized organisations and 207 from large companies. Survey was conducted in October 2009.
** ONS Labour Market statistics: There are currently 28.95 million people in the UK in full and part time employment. 1.8 million = 28.95 x 6.3%.
*** 752,700 people = 28.95 x 2.6 per cent.

About Prudential
"Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including life assurance, pensions, annuities, equity release, savings and investment funds. Registered Office at Laurence Pountney Hill, London EC4R 0HH. Registered number 15454.

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