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15/11/2010 16:58:25

Pensions advice essential for mass affluent?

Pensions advice could be important to individuals with personal wealth, as a new report reveals three-in-four have not yet made detailed retirement arrangements.

Today (November 15th), Sun Life Financial of Canada revealed just 26 per cent of affluent individuals have "planned in detail" for post-work life, suggesting pensions advice could be crucial in helping them ensure a continued high standard of living.

Head of marketing Mark Stopard observed: "There is clearly a recognition that pension planning is becoming increasingly complicated, yet … more affluent [consumers] … are failing to seek the guidance they need."

The wealth management expert revealed financial advisers can "demonstrate their worth" in this importance area of money planning, saying many individuals postpone asking for help as they are afraid the subject is too difficult

More than three-quarters (76 per cent) said retirement arrangements had become more complicated within their own lifetime, with 84 per cent agreeing it was simpler when their parents' generation entered retirement.

The firm offers pensions and life insurance plans and the UK is one of 25 countries around the world in which it is active.

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