L&G, Unbiased retirement guide urges greater preparation

The chief executive of said: “It’s crucial that people spend time looking into all the income options available to them at retirement.”

The three-page guide follows research by L&G and Unbiased, which revealed that 12 per cent of pensioners had spent less than an hour to plan and determine their financial future, compared to 22 per cent who had spent more than a year planning a post-retirement holiday.

The inertia in retirement planning was reinforced by a poll by Scottish Widows, which found that 22 per cent of 2000 employed people were delaying planning for retirement, while 36 per cent had no plans at all.

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Key facts

1 hour - 12 per cent of pensioners spent this time planning their retirement income

1 year - 22 per cent of pensioners spent at least this amount of time planning a post-retirement holiday

Adviser View

Ruth Whitehead, director of London-based Ruth Whitehead Associates, said: “Some people have very little clue about planning for retirement, and are frightened of pensions and the financial sector, but from my firm’s point of view the vast majority has made provision.”