Oct 10 2008
While people who have ten years or more left on their pensions can "ride out" the current financial instability, those approaching retirement should consider taking action.
This is according to Malcolm Cuthbert, managing director of financial planning at Killik & Co, who said that such people should look into transferring their pension funds into more secure investments.
He said: "If you take it into a self invest personal pension plan then you can put the money either in cash or even in government gilts which are probably a lot more secure."
Mr Cuthbert added that this compares to personal pension plans, which could be invested in direct equity-type investments and therefore be more risky.
Recently, Debt Advisers Direct advised people to think carefully about their retirement savings.
It said that, with private sector final-salary pension schemes falling in availability, workers need to ensure that they are putting money into the right pension schemes.
