Belfast Telegraph

27% of people approaching retirement 'changed their plans after Brexit vote'

Just over one in four people approaching retirement have changed their plans in some way following the vote to leave the EU, a survey has found.

Some 27% of people surveyed for LV= said they have altered their plans as a result of the economic environment following the vote.

LV= said this finding equates to around 2.3 million over-55s across the UK changing their retirement plans as a result of the Brexit vote.

The research was carried out in December among over-55s who are not yet retired. It found nearly a third (30%) of those who have changed their plans said they are definitely postponing their retirement and continuing to work instead.

Those who had changed their plans also said they were now considering delaying their retirement, or mulling over other options they had not considered before, or using other assets to fund their retirement.

Across the survey, economic uncertainty had left 32% of people feeling confused about their options, while a quarter (25%) are worried that the vote has affected the value of their pension. Despite their uncertainty, only 12% of people surveyed said they would now be more likely to take financial advice.

John Perks, managing director of retirement solutions at LV= said: "It's undoubtedly a tough time for those approaching retirement, with low annuity rates and turbulence in the financial markets."

Some 1,000 over-55s who are not yet retired took part in the survey.

Here are some tips from LV= for people who are concerned about their retirement prospects:

:: Think about all your assets. If you are worried about the value of your pension, remember you may have other assets that could help with your retirement, including other savings or investments or property equity. You should also make sure you identify any lost pension pots using the Pension Tracing Service.

:: Check your state pension. If you are eligible to start drawing your state pension this could offer you some income without you having to start taking money from your personal or workplace pensions.

:: Get help. The Government's free service, Pension Wise, provides impartial guidance to help people understand their options at retirement. You could also consider taking regulated financial advice to ensure you get the right products based on your individual needs.

:: Consider different products. Most people will be familiar with annuities that provide a fixed income for life, and many also know about income drawdown products that allow you to take your money more flexibly. But there are other products available, like fixed-term annuities, which provide a guaranteed income but with the flexibility that you're only tied in for a set period of time. You can also use a mix of products these days so that your needs are met throughout retirement.

:: Take your time to consider all the options available.

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