Warning fired for retirement savers
People who have been using unconventional methods of saving for retirement have been warned that their assets could be squeezed in months and years to come.
According to Des Hamilton, technical director for the Pensions Advisory Service, investments in the stock markets or in property could diminish in value if the UK enters a period of recession as many now fear it will.
Furthermore, Mr Hamilton has suggested that people who are using buy-to-let property investments to provide financial security in later life will see the value of their assets decrease if the housing market slows considerably.
"If house values drop - there are some forecasting up to a 20 per cent drop - then some people could be very badly affected close to their retirement," he said.
In 2005, the value of self-administered pension funds was over £58 billion, according to data from the National Office of Statistics.
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